Boots Pensions has bought 11 sheds on Wingates Industrial Estate at Westhoughton in Greater Manchester from Rowlinson Securities for £4.6m. The deal reflects an initial yield of 9.5%.
The units, totalling 10,683 sq m (115,000 sq ft),produce £440,765 pa from eight tenants including Riva Group and BPB Paper & Packaging. All but one of the leases expire between 2011 and 2015.
Rowlinson plans to reinvest the proceeds in properties with medium term growth potential.
Fletcher King Riddell Braithwaite advised Rowlinson, while Savills acted for Boots.
EGi News 23/01/97
