Segro agrees £4.5m swap with AKW
Distribution company AKW Group and industrial landlord Segro have reorganised the tenant's bases in Trafford Park in a complex deal involving six buildings.
The swap involved AKW purchasing four buildings comprising 90,000 sq ft at Westbrook Park for £1.92m. The premises will eventually be redeveloped to provide the firm with its own freehold headquarters.
Segro acquired AKW's 70,000 sq ft warehouse, which adjoins Europa Way for £2.64m. AKW remains in occupation, taking a leaseback for 10 years, at £245,000 a year.
Segro and AKW also completed one of the largest lettings of the year at Trafford Park, with AKW signing a 10-year lease on the 180,000 sq ft warehouse 3 Wharfside, for £412,600 a year. Segro will undertake a £1m refurbishment of the premises in the New Year.
David Rees, regional director of Segro, said: "These deals are in line with our strategy for Trafford Park and they underline the importance and benefit of getting to know key customers and understanding their business needs."
Tony Worthington, chairman of AKW, said: "Segro's can-do attitude has provided us with the perfect property solutions to meet our business expansion plans. It has been a win-win situation for both parties."
