Timico completes £5.1m sale and leaseback1 March 2012
Managed services provider Timico Technology Group has completed the sale and leaseback of its £5m data centre in Newark-on-Trent. The company officially opened the centre in January.
Sudervest, a Reuben Brothers company, has purchased the freehold interest in the building for £5.1m.
Real estate adviser DTZ acted on behalf of Timico, which took a 25-year leaseback on the property.
Located on Brunel Business Park, less than two miles from Newark town centre, the 16,000 sq ft data centre and office building officially opened in January 2012 and is adjacent to Timico's headquarters.
"The data centre sector is a growth market and we were able to combine the specialist knowledge of our data centre team in Birmingham with our regional investment agency capabilities to achieve a sale on favourable terms on behalf of Timico," George Alcock, senior surveyor at DTZ in Nottingham, said.
GVA in Birmingham represented Sudervest, managed by Motcomb Estates.