The firm secured complete ownership of the business after acquiring the 50% stake from Clugston Estates Limited (CEL).
Barmston Developments has successfully developed a number of high profile projects across the north of England, including a 426,000 sq ft distribution facility for Vantec Europe, a managed workspace centre for City of Sunderland and a chemical distribution facility for Brenntag in Sunderland.
Current projects within BDL include the successful 70 acre Turbine Business Park in Sunderland adjacent to Nissan and the 26 acre Enterprise 36 Business Park off J36 of the M1, where Barmston is currently on-site with three buildings totalling 176,000 sq ft.
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Shedding more light on the acquisition, Jason Stowe, Managing Director of Wilton Developments, said: "Buying in the other 50% of our JV was the natural decision to preserve what has been a very successful JV. The projects that we have on-site and in the pipeline are broadly in line with the model of Wilton Developments and we are delighted to be able to continue these through to completion. Wilton is celebrating 15 years of developing and investing in the North of England, we remain privately owned and well-funded and this decision to acquire full control of Barmston is indicative of our intent to be here for the long term. It is very much business as usual for these projects."
James Clark of KPMG, joint administrator of Clugston Limited, added: "This sale is a positive outcome for the exciting property development opportunities within Barmston, with the sale to Wilton being a natural home for the shares and representing a good deal for the creditors of Clugston Estates."
(CM/MH)
