PROPERTY firm Langtree has completed a number of key projects to re-position itself in the marketplace.
The Newton-le-Willows property investment and development company has acquired six sites totalling 500,000 sq ft while also renewing and increasing its banking arrangements with HBOS.
It recently invited tenders for its £40m stadium project with St Helens Rugby League Club and Tesco, due for completion in early 2011.
Langtree’s managing director John Downes said: “We have been particularly focused over the last 12 months in ensuring that our business is as strong as possible moving forward.”
This year, the company has acquired David McLean’s stake in the former International Garden Festival site in Liverpool from administrators and acquired the Bank of Scotland’s equity stake in its West Midlands property joint venture PxP. It has also set up a strategic long-term property joint venture with One North East.
Langtree now owns and manages 4m sq ft of commercial property accommodating more than 800 tenants.
The portfolio has a net asset value of over £100m, and produces a rental income of about £15m a year.
