Lands Improvement, the land development and promotion group, under the shareholding of MGPA Europe Fund III, L.P, has exchanged contracts for the acquisition of a former GSK research and development facility. The 47 acre site, in Welwyn, Hertfordshire, known as "The Frythe", is situated in an attractive parkland setting, surrounded by a mixture of pasture, arable fields and woodland.
Henry Richards, Managing Director of Lands Improvement Holdings Plc said: "This is an excellent addition to the strategic land portfolio of Lands Improvement on the back of a successful sale of £20 million (23.5 mln.) of mature and non core assets, during the course of this year. The acquisition sits perfectly with Lands Improvement's business plan to invest in new land opportunities. Whilst there remain challenges with planning changes we believe with our ability to access capital and our expertise and experience we can create value in the long term."
GlaxoSmithKline were advised by Jones Lang LaSalle. Lands Improvements were advised by Bidwells and SJ Berwin.