SPENCER Holdings PLC is putting its recent £200m funding package from the Bank of Scotland to use by investing a further £1.25m in Olympic Park in Ellesmere Port.
The Merseyside-based company acquired the freehold interest for the industrial park from the borough council in a move designed to secure and grow its national property portfolio from four million square feet to six million square feet by 2012.
The site, opposite Pioneer Point by Junction 7 of the M53, is virtually let and despite an insecure market following the credit crunch, Spencer is continuing its expansion programme.
There is 87,373sq ft of space on the site, and Spencer has recently refurbished all the units to a high standard, including new decoration, carpeting and lighting.
Chris Hughes, property and marketing director at Spencer Holdings, said: “We are bucking the trend with our rigorous acquisition and expansion programme and the investment from the Bank of Scotland shows they have much confidence in our growth strategy.
“Acquiring the freehold interest in Olympic Park will secure and strengthen our portfolio, enhancing the value of this park and assisting in our growth in 2008, with key targets for acquisition or development already identified.”