CBRE Global Investors has sold it a multi-let industrial portfolio for more than £62m to clients of Knight Frank Investment Management and Schroders Multi-Let Industrial Property Unit Trust, reflecting a yield of 4.24%.
The assets, known as The Atlas Portfolio, comprises seven multi-let industrial estates, including two in Bristol [main pic] and one in Newmarket, Leamington Spa, Crawley, Didcot and St Albans. They provide a combined 431,067 sq ft with 33 tenants, including Wolesley, Howdens, Dennis Eagle and Chubb.
KFIM acquired the Bristol, Didcot and Crawley assets and Schroders acquired the Leamington Spa, Newmarket and St Albans estates.
The price paid was more than £14m above the quoting price of £47.5m, representing a net initial yield of 5.55% showing the continued high demand for industrial property in the UK.
Chris Dunlop, fund manager at CBRE Global Investors, said: “Having acquired each of the seven industrial estates between 2011 and 2014, there have been a number of asset management successes during our ownership.
“With pricing for multi-let industrials proving highly competitive, this was the right time for us to sell.”
Nick Cripps, partner at Knight Frank, added: “This strategic portfolio disposal demonstrates the current depth and strength to the UK industrial market, and is further evidence that portfolio premiums are still attainable for well-balanced single sector packages where asset synergy is evident.”
Knight Frank represented CBRE Global Investors alongside Osborne Clarke.
JLL represented KFIM and Schroders alongside Eversheds.
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