In a significant property deal, THG co-founder Matt Moulding has successfully completed the sale of his Manchester airport business park for £180 million to RN3 Partners. The transaction marks the largest warehouse deal outside London this year.
The Icon business park, which has served as THG’s headquarters since its opening three years ago, was owned by Moulding Capital Limited, the personal investment vehicle of the 52-year-old entrepreneur. The sale comes after a previous attempt to offload the site for £200 million to ICG Real Estate fell through amid market turbulence.
The property complex, comprising five warehouses and an office building, has been acquired by RN3 Partners, a newly established investment firm led by former Glencore executive Marius Barnett. The deal represents RN3’s inaugural portfolio asset.
The transaction has drawn particular attention due to THG’s tenant-landlord relationship with Moulding. The ecommerce group paid its founder £14.2 million in rent last year, following £15.8 million in 2022. This arrangement has previously sparked concerns from analysts and shareholder advisory groups regarding potential conflicts of interest.
The sale emerges against a backdrop of shifting market dynamics, with warehouse values experiencing a 25 per cent decline since spring 2022, primarily due to interest rate increases. However, industry experts, including Segro chief executive David Sleath, have recently suggested the market may be approaching its bottom.
The deal’s completion represents a strategic move in THG’s evolving corporate structure, though both THG and Moulding Capital representatives have declined to comment on the transaction details.
Post Disclaimer
The following content has been published by Stockmark.IT. All information utilised in the creation of this communication has been gathered from publicly available sources that we consider reliable. Nevertheless, we cannot guarantee the accuracy or completeness of this communication.
This communication is intended solely for informational purposes and should not be construed as an offer, recommendation, solicitation, inducement, or invitation by or on behalf of the Company or any affiliates to engage in any investment activities. The opinions and views expressed by the authors are their own and do not necessarily reflect those of the Company, its affiliates, or any other third party.
The services and products mentioned in this communication may not be suitable for all recipients, by continuing to read this website and its content you agree to the terms of this disclaimer.