LONDON (Alliance News) - Harworth Group PLC Wednesday said it has entered into a 50:50 joint venture with Evans Property Group that it said will give it a firm footing in the property market in Leeds and reaffirm the company's commitment to the Northern Powerhouse.
Harworth said it has entered into the joint venture after it purchased a 50% stake in Aire Valley Land LLP, which is the owner of a 165-acre logistics hub named Temple Green in Leeds.
"With our extensive experience in bringing forward large commercial sites, we look forward to working in partnership with Evans Property Group to deliver a commercial scheme of national significance and further building on our success at Logistics North in Bolton and the Advanced Manufacturing Park in Rotherham," said Harworth.
The Temple Green hub benefits from a number of extant planning permissions and covers 2.64 million square feet of commercial space to be used for logistics and distribution. The site sits next to Harworth's other 162-acre Skelton Grange site which it acquired back in November 2014.
"This is a landmark deal for Harworth, firmly establishing our foothold in the Leeds property market and reaffirming our commitment to the Northern Powerhouse. It is also further evidence of the Group delivering on its strategy of continuing to replenish the portfolio," said Chief Executive Owen Michaelson.
Harworth shares were up 0.4% to 11.30 pence per share on Wednesday morning.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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Harworth Gp (HWG)