Saville Gordon has bought 128 properties for £135m.
The deal includes the acquisition of Whithorn and Openshaw for £72.2m in cash and £15m in new shares to be issued at 71.6p a share. It is also assuming £47.8m debt as part of the deal.
The portfolio mostly comprises industrial estates around London, Manchester and Birmingham. About 90% is let, generating a net rent roll of £13.7m. This represents an annual running yield of 10%. The deal increases the group’s contracted rent roll to more than £35m.
The Times 04/08/98 page 23
Financial Times 04/08/98 page 20
