Harworth Group PLC on Thursday said that it has exchanged contracts for the conditional sale of land at its Skelton Grange site in Leeds to MSFT MCIO Ltd.

Harworth is a Rotherham, England-based regenerator of land and property for sustainable development and investment.

The £106.6 million sale is comprised of two adjacent land parcels, for which the disposals are due to complete in the first half of 2024 and 2026 respectively.

The first plot, which comprises 27 acres, will be sold on an unserviced basis for gross consideration of £52.9 million. The second, which comprises 21 acres, will be sold on a serviced basis for gross consideration of £53.2 million.

Proceeds from the disposal will be reinvested into Harworth’s Industrial & Logistics development programme.

‘Today, over 60% of the value of Harworth’s business is in the Industrial & Logistics sectors, and as we move into the second phase of our growth strategy we expect this weighting to increase, to over 85% by the end of 2029. The continued successful delivery of our Residential sites is integral to our strategy as the proceeds from land sales provide a steady funding platform for the Industrial & Logistics development programme,’ said Chief Executive Lynda Shillaw.

Shares in Harworth Group were trading 10% higher at 161.00 pence each in London on Thursday morning.

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