Property development and management business Langtree has shed light on its multi-million pound rent roll and asset portfolio.
The Warrington-based firm, which was bought out of commercial property company Network Space Developments in 2015, pulled in more than £12m from 450 tenants in its first year, generating a maiden profit before deductions of over £1m.
Langtree, whose operations range from local authority joint ventures to asset management services for investment funds, said it now has assets under management worth £130m spanning 20.5 million sq ft.
John Downes, group managing director, said: "It’s been a busy and enjoyable year. I was delighted that we were able to welcome Tim Johnston as our chairman and his regeneration and public sector know-how has been key to our progress.
"We bedded in our systems quickly and hit the ground running, which is a great credit the team."
He continued: "We have been able to continue with development activity in our joint ventures whilst bringing new management properties under our wing through our partnership with one of the world’s leading money managers and investment funds PGIM. The year ahead is already looking very encouraging."
Langtree’s first year saw it complete a £24m investment into Sci-Tech Daresbury, a joint venture with Halton Borough Council and the Science and Technology Facilities Council.
The company also acquired various assets within the Southern Gateway scheme, its joint venture with Warrington Council.
Read more at bdaily.co.uk