Commercial property firm aims to expand UK portfolio

Dec 19 2007 by Tony McDonough, Liverpool Daily Post

KNOWSLEY-BASED commercial property owner Spencer Holdings has secured £200m of debt funding to aid its UK-wide expansion bid.

Bank of Scotland Real Estate, Liverpool is providing the finance for the firm to grow its national property portfolio from 4m to 6m square feet.

As part of its strategic investment programme, Spencer has identified several key acquisition targets and development projects, which are set to come to fruition over the next two years.

The company is already one of the largest industrial park owners in the UK, managing and owning multi-tenanted industrial and commercial estates in activities including manufacturing, warehousing, trade counters and business parks.

It manages a portfolio with more than 800 tenants nationwide.

Jim Spencer, chairman and founder of Spencer Holdings, said: “We now have sufficient resources to complete our strategic investment programme and will continue to focus on offering quality properties, on flexible terms, in prime locations at highly competitive rents.” Spencer Holdings has recently moved its headquarters to another of its own properties, Nexus House, at Knowsley Business Park, Junction 4, M57.

Mr Spencer took over what was then the family scrap metal business in the 1950s. He took a strategic decision to switch from steel stockholding to property during a time of economic turmoil in the 1980s, and since then has never looked back.

His ambition is to add 1m square feet to the portfolio every year, and Spencer has high hopes in a new venture – Spencer Property Asset Management – that will asset manage property on behalf of large investment and pension funds.

The Bank of Scotland finance was arranged by Gordon Clements and associate director Alistair Pike.

Mr Clements said: “The performance of Spencer Holdings’ existing portfolio and its well-structured growth strategy clearly demonstrate its ability to achieve its 50% growth target. We are delighted to be supporting such an ambitious business with exciting and innovative plans.”

tonymcdonough