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48 acres of land to change hands in England for hyperscale data center development
Transactions - JUNE 28, 2024

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48 acres of land to change hands in England for hyperscale data center development

by Kali Persall

Harworth, a regenerator of land and property for sustainable development and investment, has exchanged contracts for the conditional sale of 48 acres of land (the disposal plot) at its Skelton Grange site in Leeds to MSFT MCIO (Microsoft) for £106.6 million ($135 million).

The disposal plot comprises two adjoining land parcels. Plot 1, which comprises 27 acres, will be sold on an unserviced basis for gross consideration of approximately £52.9 million ($67 million). Completion of the sale is targeted for second half 2024. Plot 2, which consists of 21 acres, will be sold on a serviced basis for gross consideration of approximately £53.2 million ($67 million). Completion of the sale is targeted for first half 2026. The financial terms are payable in cash in two tranches linked to phased completion of the sale.

Harworth plans to use the net proceeds of the transaction to support an increased focus on the direct development of grade A industrial and logistics properties

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