Ashtenne Holdings is buying part of Creston’s property portfolio for £40m. The acquisition is conditional on Creston’s shareholders’ consent to the transaction.
The portfolio has a rent roll of £3.2m pa and consists of industrial and business park developments. Also included are the 3,716 sq m (40,000 sq ft) Premier House in Woking and 9-11 Grosvenor Gardens in London SW1, both of which are vacant. The remaining 25% of the portfolio comprises office and retail investments and some development land.
Ian Watson, joint chief executive of Ashtenne said: “This acquisition fits in well with our strategy and provides us with a substantial volume of high yielding industrial properties.”
King Sturge advised Ashtenne, while Cyril Leonard & Co represented Creston.
EGi 04/02/00
