The Ardent Companies (Ardent) has sold a logistics asset in Workington, Cumbria, to an undisclosed buyer for more than £10m.
The 475,000 sq ft warehouse, which is located adjacent to the A595 in Lillyhall, was originally acquired by Ardent in 2021.
The sale follows the completion of an active asset management programme, including growing rents by more than 30% and the establishment and letting of an industrial open storage facility at the site. M7 is the retained asset manager for the Workington asset and across Ardent’s two UK industrial portfolios.
Andrew Hilston, managing director at Ardent, said: “The sale of this major facility represents the culmination of our business plan for the asset and reflects the wider strategy for our national industrial portfolio. The deal demonstrates our ability to deliver strong investor returns, and we will recycle this capital into driving further value across the rest of our platform.”
