Green Property and GE Capital joint venture Greenridge has sold a portfolio of industrial buildings to Mars Pension Trustee for £12.2m. The deal reflects a surprisingly high yield of 12%.
The portfolio includes estates in Bexhill, Braintree, Grimsby, Southall and Salford, where Greenridge has completed a programme of active management. The joint venture has also sold a retail warehouse in Wright Street, Hull, to Thames Water Pension Schemes for around £0.5m, giving a yield of 9.1%. The unit is let to DFS subsidiary Northern Upholstery on a lease with 18 years remaining.
Green property chief Stephen Vernon said the portfolio was a secure investment. “It’s unusual for a pension company to pay such a high yield,” he added.
In separate deals, Green Property has raised £6m by disposing of ten small office, shop and industrial properties in the Republic of Ireland.
EGi 22/01/97
