Langtree Group's property investment arm, Langtree Commercial Property, has bought two industrial parks in south Liverpool from public-private joint venture Space Northwest.
Speke Hall Industrial Estate and Skypark International, both on Speke Hall Avenue, total 370,000 sq ft in 87 units ranging from 500 sq ft to 30,000 sq ft.
Langtree already owns and operates Venture Point West, also in Speke, as well as Wellington Employment Park and Connect Business Village in north Liverpool.
Richard Ainscough, managing director of Langtree Commercial Property, said: "These are quite different to our single let acquisitions last year, thus demonstrating our diversity in seeking value and opportunity in the industrial sector.
"In particular, these assets represent a tremendous opportunity as we now plan an extensive refurbishment programme which, coupled with our close management style, will bring quality, well managed small to medium industrial stock to a great location."
B8 Real Estate acted for Langtree on the acquisition and has been retained to market the vacant space.
Sarah Williams of Space Northwest and asset manager at Ashtenne commented: "This sale represents an excellent continuation of Space Northwest's strategic programme to release asset sales on a structured basis. These deals will recycle equity to help facilitate Ashtenne's existing and proposed capital expenditure projects including the £5m scheme at Exchange Station on Tithebarn Street in Liverpool."
Space Northwest was formed by private industrial landlord Ashtenne and the now defunct North West Development Agency. The public element is now controlled by the Homes & Communities Agency.