LONDON (Alliance News) - Engineer Hayward Tyler Group PLC on Tuesday said it has completed the sale and leaseback of its Peter Brotherhood site in Peterborough with London property investor Helical Bar PLC.
Under the deal, Helical has acquired the site for GBP7.5 million. Peter Brotherhood, the motors and pumps engineer Hayward bought in October 2015, will sign a 15-year lease at GBP575,000 per year, which will be subject to five and ten-year rent reviews.
"We believe this transaction provides an excellent mechanism through which to further strengthen our balance sheet following the acquisition of Peter Brotherhood for GBP9.8 million last October," said Nick Flanagan, Hayward's chief financial officer.
"This agreement, combined with the additional revenues that Peter Brotherhood brings to the group, further underlines the value of the acquisition to Hayward Tyler as we continue to develop our presence in the power generation, oil and gas, and industrial sectors," he added.
Hayward shares were up 0.7% to 85.60 pence Tuesday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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