Northcreek Estates has sold two industrial estates to the Mayfair Capital Property Unit Trust, just 12 months after acquiring the sites.
The two multi-let estates, located in Milton Keynes and totalling 175,000 sq ft, were sold for a combined £6.6m, representing an initial yield of 9% and a capital value of £38 per sq ft.
The estates were acquired approximately 12 months ago, when Northcreek bought a large Industrial Portfolio from UBS Triton.
MCPUT fund director Robert Palmer said: “There is scope to increase the income further on leasing the three vacant units.”
Franc Warwick acted for Northcreek Estates; Chris Freer Smith represented Mayfair Capital Property Unit Trust.
Nick.whitten@estatesgazette.com
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