Astral’s joint venture with Legal & General has sold two empty warehouses to institutions.
The Meteor Partnership has sold its 176,000 sq ft Magnum 25 unit at Waltham Cross, Hertfordshire, to Henderson Global Investors for around £20m.
The jv has put a rent guarantee of £7.75 per sq ft in place, a yield of 6.9%.
King Sturge and Holley Blake acted for Meteor. Henderson, advised Knight Frank, hopes to attract occupiers displaced by the Olympics and the explosion at Hemel Hempstead.
The jv’s 105,000 sq ft Express Point in Erdington, Birmingham, has been sold to Prudential Property Investment Managers for £7m, with no guarantee.
Tim Smither, director at Knight Frank, said: “These units offer a discount. Let investments on a 10- or 15-year lease attract yields below 6%.”
Meteor’s 245,000 sq ft Magnitude unit at Aylesford, Kent, is about to be let to Whirlpool for £7.75 per sq ft.
Holley Blake acted for Meteor on both deals; JLL for Whirlpool; KF for PruPIM.
References: EGi News 23/01/06
