Folkes Properties marks a significant milestone by successfully concluding its first UK acquisition in over two decades. The company has acquired two warehouses located in the West Midlands, solidifying its strategic presence in the region. The transaction was completed for an undisclosed amount, underscoring the company’s commitment to expansion and investment in key markets.

Situated on a 3.9-acre site along Pedmore Road in Dudley, these warehouses boast sizes of 44,843 sq ft and 5,593 sq ft. Currently under 10-year leases, these properties are occupied by the esteemed builders’ merchant, Sheffield Insulation Group (SIG). This strategic arrangement reflects a commitment to long-term partnerships, reinforcing the stability and attractiveness of the investment.

JCAM Property, represented by Cushman & Wakefield and MK2 Real Estate’s investment team, served as the vendor in this transaction. For Folkes, with an impressive industrial investment portfolio spanning 1.4 million sq ft and hosting over 90 tenants, this move signifies a strategic effort to augment its property holdings and fortify its portfolio in the vibrant Black Country. This renewed emphasis on expanding its UK portfolio aligns with Folkes’ successful two-decade-long expansion program in South Africa, where the company has built a substantial shopping centre portfolio.

Scott Wheatley, finance property director at Folkes Properties, said: “We are delighted to announce the acquisition of this strategically positioned, high-profile roadside warehouse in the heart of the West Midlands, further bolstered by a 10-year lease that significantly amplified the property’s appeal.

“This investment perfectly aligns with our overarching vision of expanding our commercial portfolio, and our commitment to growth is further underscored by our openness to explore new opportunities and engage in strategic joint ventures in the region.’’