LOGISTICS giant Stobart Group has announced plans to buy 18 properties from a business owned by its chief executive in a deal worth more than £100 million.

It comes as the business, which has a road, rail and sea port in Halton, also said it expects to meet expectations in its forthcoming full-year results.

Stobart plans to buy all of WADI Properties Ltd from WA Developments International for £12.35m although it will assume almost £89m of bank debt giving an enterprise value of £101.2m.

WADI Properties is the holding company of 18 freehold and long leasehold properties, mostly based in the South East, known as the 'Moneypenny' portfolio.

The business is owned by Stobart's chief executive Andrew Tinkler and chief operating officer William Stobart. However, the acquisition is now conditional on the approval of Stobart shareholders.

The portfolio is expected to generate a return in excess of 10 per cent a year per annum with £13.5m likely to be invested in the properties.