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Two of the North West's biggest industrial property firms have concluded a major corporate deal worth more than £2m.

The board of Warrington-based Langtree has bought out the 30% stake in the business that was owned by Network Space, meaning the board now has full control of the business.

Langtree was formed four years ago with group chief executive John Downes leading a management buyout of the public sector joint venture interests and brand name from Network Space. The latter company had until now kept a minority stake in Langtree.

The firm, which also has a site at Sci-Tech Daresbury, which it operates in conjunction with the Science and Technology Facilities Council, manages in excess of £200m of property assets and is currently leading some of the largest development projects in the North West.

It focuses on long-term strategic partnerships with local authorities and government agencies as well as providing asset management services to large pension funds.

The recent deal with Network Space, a commercial real estate development investment and management group, was described by Mr Downes as “good for both parties".

He told BusinessLive: “It’s been a good relationship. Network Space was a founding investor of our business, injecting equity and loan capital alongside my team and allowing us to hit the ground running.

“Its support was key to our success and I’m obviously pleased that we’ve managed to generate the cash in the business to acquire the shares. We’ve grown substantially in the four years since the MBO and so Network Space has achieved a good return from its initial investment.”