Seven Travis Perkins sites in sale and leaseback deal

Longmead Capital-managed funds have purchased seven Travis Perkins sites in a sale and leaseback deal worth £23m.

All of the sites are in the Midlands and the South East and have been let back to the retailer on 15-year leases.

The seven units are based in Folkestone, Leicester, Loughborough, Redditch, Sevenoaks, Tunbridge Wells, and Worcester.

Most of the sites have been purpose built for the group and are in established industrial and trade locations.

Nick Pinney, Travis Perkins group property director said: “The sale and leaseback of these high-quality assets allows us to unlock capital to invest in new properties that further enhance our customer proposition. At Travis Perkins Group we continually review our freehold property portfolio to identify value creation opportunities.”

Travis Perkins said it currently has a freehold property portfolio valued at around £1.1bn with the market value of the estate having grown by almost £600m since 2010.