Hortons has strengthened its Midlands portfolio with the acquisition of a 12.8-acre, fully-let research, development and manufacturing facility in Leamington Spa.

The campus-style development, located off the A425 Southam Road at Radford Semele, comprises 132,569 sq ft across three buildings, including a manufacturing facility, a hi-tech warehouse unit and an office building.

The site is let to UK-based engineering consultancy Ricardo plc on a long-term lease.

Ricardo, which was recently acquired by global professional services firm WSP, has occupied the campus for more than 25 years and has made significant ongoing investment in the premises, including a comprehensive ESG-focused upgrade programme.

The acquisition supports Hortons’ strategy of broadening its geographical footprint and sector exposure, and follows several recent industrial/logistics acquisitions across the Midlands.

Steve Benson, chief executive of Hortons, said: “Securing this high quality, long established site represents another important step in diversifying our portfolio, both geographically and by sector. Ricardo is a long-standing and well invested occupier, and we look forward to supporting their continued presence on the estate, as well as exploring opportunities to enhance the facility further.”

Hortons was advised by Atlas Real Estate and Gateley.

James Madill, real estate partner at Gateley Legal, led the transaction alongside real estate solicitor Amanda Matyjaszczyk. He commented: “It’s really encouraging to see the completion of this significant acquisition — the second in a short period of time — as we continue our long standing relationship with Hortons.

“Gateley delivered multi-disciplinary advice on a range of real estate, construction, tax and planning matters, as well as GIS support from Gateley Hamer. This acquisition was completed to an accelerated timetable and was a real team effort from all involved.”

Building, Design & Construction Magazine | The Choice of Industry Professionals