BrewDog ramps up Eurocentral base just days after £100 million staff share award
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Fiera Real Estate has bought Pinnacle, 6 Brittain Way, Eurocentral on behalf of one of its investment funds for £12.3 million.
The property, which was previously occupied by haulage giant Eddie Stobart, has been let to BrewDog on a new 20-year lease.
The facility extends to some 67,750 square feet and is located opposite the brewer’s main distribution centre, the 129,000 sq ft “HopHub”.
The new letting marks a significant expansion to the brewing firm’s distribution capability at Eurocentral, which is situated some 11 miles east of Glasgow next to the M8 motorway.
Jamie Thain, investment partner at property firm Galbraith, which advised Fiera Real Estate on the purchase, said: “The market for industrial investment property remains extremely active across the country. This acquisition offered a rare opportunity to purchase a long secure lease over a prime distribution facility in Scotland’s Central Belt”.
Rupert Sheldon at Fiera Real Estate added: “The acquisition of this property aligns well with the investment parameters of Fiera Real Estate Long Income Fund UK. We remain acquisitive across our core mandates, with capital available to deploy into properties that share similar characteristics.”
Galbraith advised Fiera Real Estate on the acquisition with legal due diligence support and advice provided by Shepherd and Wedderburn. MWM Property Consultants and Turcan Connell acted for the vendor.
Confirmation of the additional distribution facility comes just days after BrewDog unveiled a bumper £100m share award and expansion plans under a new 15-year blueprint.
The Aberdeenshire brewer’s co-founder James Watt is to donate a fifth of his personal stake in the business to staff to mark the firm’s 15th anniversary.
Watt, who last year made an apology after being accused of fostering a culture of fear among staff, said: “The road ahead is going to be exciting, but it won’t be easy. Redefining an industry never is.
“The share giveaway and profit share scheme will ensure that we are all in this together as we look to write the next chapter in the BrewDog story.”
The share award is worth just under £100m, or some £120,000 to each salaried “crew member” over four years based on the most recent fundraising valuation.
Following the giveaway, BrewDog’s 750 or so salaried crew members and Equity Punk shareholders will own 25 per cent of the shares, owning the biggest stake in the business between them.
And, in what bosses are describing as a “ground-breaking move for hospitality”, BrewDog is overhauling how its bars operate. Each venue is now going to share 50 per cent of its profits with team members.
The blueprint includes major investment in the brewer’s Ellon HQ, a number of people and culture initiatives, a continued focus on sustainability, a push into spirits and further international expansion.
Watt, who set up the beer-maker in 2007 along with co-founder Martin Dickie, said the moves would put the company’s 2,200 workers across the world at the centre of the business.