Rossco deal with Tesco
Howie acquires distribution unit off M8
Rossco Properties, an investment and development company owned by entrepreneur Simon Howie, has acquired a high bay distribution unit of 186,000 sq ft over 18 acres on the M8 at Livingston from Tesco.
While the price paid is confidential, the property is currently leased to DHL until 2023 at £700,000 pa with a tenant break in 2020.
Mr Howie said: “This acquisition represents a very interesting asset management opportunity for Rossco. There are a few fundamentals that attracted me to this opportunity: the visibility to the M8 and proximity to J3/3a; the cross-docking; the generous 12m eaves height and substantial yard.
“We look forward to working alongside DHL on this asset, which also features extensive refrigeration internally – a really useful specification enhancement.”
Eric Young & Co acted for Tesco on the deal, while Rossco represented itself.
Rossco Properties holds an investment portfolio of £50 million, primarily in trade parks and industrial properties. It has undertaken a number of developments, most of which have been retained as investments.
With no gearing, Rossco has instant access to cash resources to enable acquisition of suitable industrial and trade park investments and industrial or strategic land development sites.
Its portfolio includes industrial, trade park, recycling, bonded warehouse, ports/dockside storage, car showroom, retail warehouse, car parks, and offices in Scotland and North England.