Moulding sells THG’s 1m sq ft Airport City campus
THG’s founder Matthew Moulding has sold Icon Business Park for around £180m, sealing the deal following the collapse of another last year.
Investor RN3 Partners, set up by ex-Glencore partner Marius Barnett, has acquired THG’s 1m sq ft Airport City campus. CBRE advised on the deal.
Posting on LinkedIn, Moulding said: “With the global property market stable once again, I agreed to sell the campus, which will continue to be home to THG for many years to come.”
Occupied by the ecommerce conglomerate, the 1m sq ft complex off Sunbank Lane close to Manchester Airport comprises five industrial units and an office.
THG acquired the site in 2019 in a deal estimated to be worth £250m, before selling the site to Moulding Capital in 2020. The scheme completed in 2021.
A fund managed by ICG Longbow was understood to be close to acquiring Icon Business Park. However, the deal did not complete.
The industrial complex was previously used as security for a £128m portion of a £202m loan Warrington Council gave to the group of companies controlled by Guernsey-based Moulding Capital in 2020.
