Two Greater London Hovis Sale & Leasebacks AcquiredPosted on June 17, 2019
Hovis, Wyatt Road, Forest Gate, London E7 9NE
Hovis, Belmont Road, Erith, London DA8 1JZ
We acquired the above two sale and leasebacks in spring 2019 on behalf of clients of CBREGi.
Hovis hold a long and rich history of bread making across both sites producing over 3 million loaves of bread a week plus the bulk of muffins and hot cross buns produced by Hovis for the UK!
Both production facilities run a 24/7 operation across the two sites, 5 acres and 8 acres respectively; Hovis agreed to take a 25 leaseback from completion with 5 yearly RPI linked indexation throughout the lease.
After a long and complicated period of due diligence, the transaction was completed at £32.205m, the purchase reflected a NIY of 5.17% after purchasers costs.