Stadium Group, owned by the Healey family, has completed a conditional acquisition agreement with Ediston Property Investment Company (EPIC), which is based in Edinburgh.
EPIC is currently trading at a marginal discount and the board is also increasing its annualised dividend by 4.5 per cent, to 5.75p per share.
Stadium Group has agreed to subscribe for a maximum of £36.5m of new ordinary shares which will be subject to a 12 month lock-in.
Ediston chairman William Hill said: “The board believes that acquiring the new portfolio will be accretive to the level of dividend cover and will provide a number of asset management opportunities which should enhance the income profile and the capital value of the group’s property assets.
Retailing brothers Eddie and Malcolm Healey are the second wealthiest businessmen in Yorkshire with a collective wealth of £1.48bn, behind Robert Miller, the 84-year-old who co-founded the Hong Kong-based Duty Free Shoppers chain of airport kiosks and is worth a total of £1.58bn.