St Modwen has appointed Knight Frank to market a £60m mixed-use portfolio as the developer continues to rationalisation its collection of assets.
The portfolio consists of 24 assets totalling more than 1.4m sq ft, of which 67% is industrial space and 24% is offices, spread throughout the UK with a focus on the North West.
It provides a yearly rental income of more than £5.2m and currently has 89,472 sq ft of space sitting empty.
The portfolio, known as The Cygnet Portfolio, currently has 200 tenants, including ToolStation, Pirelli UK Tyres, Staffordshire County Council and Smurfitt Kappa UK.
The weighted average unexpired lease term is just over 3.5 years.
In addition to the portfolio, the sale includes 15 maintenance rent assets at no additional payment.
Knight Frank is looking for offers in excess of £59m, which reflects a net initial yield of 8.3%.
In its latest half-year results, which came out in July last year, St Modwen said it had identified £100m of assets that it intended to sell following a six-month review of the business.
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