Santander backs South African syndicate’s debut
British Capital Property, a Guernsey registered company primarily set up to service South African investors, has acquired an industrial site in St Helens as one of its first UK deals.
BCP paid £6.87m to an undisclosed vendor for a 109,180 sq ft modern industrial unit let to toiletries and cleaning products manufacturer Robert McBride.
In addition, the investment company also purchased a 130,417 sq ft modern distribution warehouse in Wolverhampton for £8.35m, currently let to Russell Hobbs.
Santander has agreed to provide BCP with a facility to support future acquisitions. This new relationship was managed by Santander's Real Estate team in Birmingham.
Jack Barrett from Cornerstone Asset Managers, BCP's investment manager, said: "We feel the acquisitions provide a solid platform for the company to meet its investment objectives, which include achieving stable, and growing income returns, above inflationary capital growth, and currency diversification for South African resident investors.
"This is the first time we have dealt with Santander and we have been very impressed by the time the bank's real estate team in Birmingham took to understand our business and needs before providing a bespoke solution. We look forward to working with Santander on future acquisitions."
