Warwick-based IM properties has bought Yorkshire Property Holdings for £25m. The deal reflects an initial yield of 9% on a current rental income of over £3m pa.
Yorkshire Property owns over 25,082 sq m (380,000 sq ft) of office and industrial space in the north west and home counties. Its assets include a number of buildings on the Birchwood office campus alongside the M6 at Warrington, let to blue chip companies including Cable & Wireless, British Aerospace and Vodaphone. It also owns the Crownhill Business Centre at Milton Keynes and three distribution units at Watford Business Park.
“The quality of this latest acquisition meets our criteria perfectly. It increases our holdings and gives us high calibre institutional stock in prime locations,” said IMs estates director Paul Foster.
The companys portfolio is now worth around £185m. Grenville Smith Duncan advised IM Properties and Knight Frank acted for Yorkshire Property Holdings.
EGi News 01/12/97
