Sunderland transport giant Arriva - one of the North East’s largest companies - was sold to a multinational investment group.
The bus and train operator has been sold by its German owners Deutsche Bahn AG to I Squared Capital, a Miami-based group that invests in global infrastructure and has assets around the world. The deal is expected to complete next year, subject to approval from the Deutsche Bahn supervisory board and the German Federal Ministry for Digital and Transport.
It has been reported that the deal would value the bus and train operator at around 1.6 billion euros. Deutsche Bahn, the state-owned German railway company, had been looking to offload Arriva for a number of years to focus on its core operations. It acquired the Sunderland-based firm, which operates buses and trains around the 海角视频 and in a number of overseas countries in 2010.
READ MORE: {}
Dr Levin Holle, member of the management board for finance and logistics and CFO of Deutsche Bahn AG: “We are happy that I Squared is willing to support Arriva in its future growth. Arriva has good prospects for sustainable growth as market liberalisation in Europe progresses. The strategic goal of Deutsche Bahn is to make record level investments in environmentally friendly rail in our core business combined with the massive increase of investment of the German Federal Government into our German rail infrastructure."
Newcastle hotel Jesmond Dene House is under new ownership after its founders decided to retire. Jesmond Dene House has been snapped up by Kronen Hotels Ltd for an undisclosed sum in a deal overseen by property consultancy Knight Frank. The luxury boutique hotel, which has 40 bedrooms, is a Grade-II listed Arts and Crafts mansion that was once home to Sir Andrew Noble, a partner in Victorian industrialist Lord Armstrong’s engineering works, has been sold by its previous owners.
The transaction was an off-market deal secured by Knight Frank and Simon Stevens Associates for the owners due to their imminent planned retirement. The outgoing directors, who include long-standing managing director Peter Candler, said the new owners recognise the unique positioning of Jesmond Dene House in Newcastle and are keen to invest in the property, to build-on its reputation as a high-quality hotel, eatery and events venue.
A spokesperson for the seller, Jesmond Dene House Ltd, said: “Having advised the owners over many years, my clients have done a remarkable job of continuing to invest and elevate this beautiful property and thriving business throughout their tenure, despite industry challenges like the pandemic. We’re confident we have found a buyer that will keep the hotel in safe hands and continue to raise its profile as one of the best hotels in Newcastle.”
London property investors have swooped for a North East shopping centre in an undisclosed deal.
Most Read
Commercial property and investment company Evolve Estates – which is part of the £5.2bn group M Core – has acquired the Viking Centre in Jarrow, South Tyneside. The centre has more than 60 stores including major high street names Boots, Peacocks and B&M, taking up more than 175,000 sq ft of retail space and 400 car parking spaces. The centre’s former Wilko was one of the first in the 海角视频 to recently reopen as a Poundland, days after the collapsed home and hardware store closed.
Danny O’Keefe, founding partner of Evolve Estates, said: “This deal marks Evolve Estates’ expansion into the North East market and demonstrates our commitment to supporting local communities and businesses. We have long maintained that the retail sector is a strong market for investing, providing excellent opportunities for us to add significant value that benefit the tenants and the local community, as well as ensuring a good return on our investment.
North Tyneside’s Quorum Park business hub was given a significant boost after its owners secured a £23.3m finance facility. Shelborn Asset Management – the majority owner of Quorum Park since 2019 – received the multimillion-pound financing facility from Bank of London and The Middle East plc (BLME), which it says will help it to “continue offering best in class space” while also driving forward its ESG (environment, social and governance) agenda.
Based in North Tyneside, Quorum is one of the largest business parks in the North East, providing a base for some of the region’s biggest employers including Greggs, the AA, Concentrix, Verisure and Balfour Beatty, with around 6,500 staff on the site.
BLME said that the business park boasts strong environmental credentials, and that the deal highlights increased market appetite for sustainable and flexible office buildings, following the Government’s proposal that all non-domestic buildings have an energy performance certificate (EPC) rating of at least B by 2030.
Rashid Khan-Gandapur, director, real estate finance at BLME, said: “Boasting strong ESG credentials, excellent transport links, and strong tenant security, Quorum Business Park is a premium asset in a location attracting consistent interest. It was a pleasure to work alongside Shelborn Asset Management on this deal.”
Newcastle-based Adderstone Group completed an £11m deal to sell the Rivergreen Centre in Aykley Heads to Durham County Council, paving the way for hundreds of council employees to relocate from the old county hall site to the centre.
Don’t miss
The building – a former winner of a RIBA design award as well as the RICS 海角视频 sustainable building of the year award – has been the long-term head office for Atom Bank, the 海角视频’s first digital only bank. Atom was founded in the Rivergreen Centre back in May 2014, and then brought all its staff under the centre’s roof in 2017 after signing a 10-year lease for the building, having picked Durham to grow the company over a number of other key cities.
Atom Bank, which has around 420 staff, has not yet commented on where the business will move to when the council moves its staff into the building. The Rivergreen Centre was originally bought by Adderstone Group in 2017 from Rivergreen Developments, in a transaction described at the time as one of the most significant investment deals of the year.
The building has 40,000 sqft of Grade A office space, 170 car parking spaces and also has strong environmental credentials, including a biofuel heating system and rainwater harvesting via a green sedum roof, built around a cruciform shape which is designed to maximise daylight and natural ventilation.
Adderstone Group CEO Ian Baggett said: “This deal is important to the council because it enables the demolition of the old county hall, allowing work to commence on the Durham Innovation District at Aykley Heads.
The co-founder of a Northumberland design studio sold her share in the company to focus on other business pursuits. Knitwear design firm KnitLab North was launched three years ago by Jo Storie and Jo Lennon in Cramlington, to offer prototyping and micro-production facilities for customers, as well as commercial and marketing expertise to help independent brands bring products to market. Now Ms Storie has sold her part in the business to her co-founder, to focus on developing her knitwear consultancy and own brand, BareFaced Knits.
With three decades of industry experience and connections, she has supported clients from initial sketches to the final product, offering entrepreneurs a way to manufacture responsibly in the 海角视频. Having exited the business, Ms Storie now intends to focus on larger-scale projects.
Ms Storie said: “Building KnitLab North over the last three years amid a global pandemic was a challenging but incredibly rewarding experience, and I wish Jo and the team all the best for the future. It was fantastic to work with emerging knitwear designers, but I’m excited by what the future holds and to be partnering with larger organisations whose challenges require access to different types of resources and machinery and who can benefit from more of my specialised technical knowledge and experience.”
Washington home improvement firm NE&C Windows & Doors is laying the foundations for its future on the back of a six-figure investment. NE&C Windows & Doors designs, manufactures and installs windows, doors, conservatories and balustrades for commercial and private customers across the North East, Cumbria and Scotland. The firm, which operates from a 16,500 sq ft unit on the Glover Industrial Estate in Washington, was recently the subject of a management buy-out, after the senior team acquired it 20 years after founders Ed and Heather Ramshaw launched the business.
The management team is now looking to boost the range of products it supplies and target new 海角视频 markets on the back of £150,000 from the North East Growth Capital Fund. The company, which already works with a number of regional housebuilders and large local authorities, is also is set to boost marketing activities for some of its products for commercial premises, such as assisted living facilities, care homes and offices.
Four new jobs have been created so far as a result of the investment, with more expected to follow as the growth plan is rolled out. The business is working towards an initial 10% year-on-year increase in its turnover.
A Newcastle tech company that helps shipping operators reduce machinery breakdowns and cut carbon emissions using AI closed a £1.5m seed funding round.
Hoults Yard-based CetoAI specialises in predictive analytics systems for the maritime industry has secured investment led by insurance group Howden Ventures and including reinsurance specialist Chaucer Group, Founders Factory, and existing backers from the Business Investors Group. The firm said it was a step towards bringing its AI tech to the maritime and insurance sectors.
Tony Hildrew, founder and CEO of CetoAI, said: "We are delighted to welcome a host of new investors to CetoAI. Having the support and access to an unparalleled network, including ties to some of the largest ship owners and operators across the maritime sector, will help support our significant growth ambitions over the coming years. "