LCN Capital buys Manchester Airport hangar
A debt facility from Rothschild & Co made the acquisition of the 254,000 sq ft building from online retail conglomerate THG possible.
LCN Capital directors Geraldine Copeland-Wright, Fabijan Matosevic, Bryan York Colwell, and Ward Stocker are listed as the directors of THG Hangar as of last week, according to Companies House.
THG’s James Pochin and John Gallemore have resigned.
Documents detailing a charge registered against the company this month state that Rothschild & Co has provided LCN with a £21m facility for the acquisition. The building last traded for £44m in 2020, according to Land Registry.
News of the sale of the hangar comes in the same week that Place North West reported THG owner Matthew Moulding was close to agreeing the sale of the £250m Icon Business Park.
THG acquired the site in 2019 in a deal estimated to be worth £250m, before selling the site to Moulding Capital in 2020. The scheme completed in 2021.
SLBI Propco C Limited, a company set up through ICG Longbow’s sale and leaseback fund, has been set up to buy Icon Business Park.
While Moulding is now selling Icon Business Park, and the hangar, a short distance away, THG’s long-awaited plans for a 1m sq ft campus at Airport City remain up in the air.
Manchester City Council granted approval for the project at Airport City in 2018 but no work has taken place despite THG entering into advanced talks with contractors to build out the first phase in 2022.
