Cording Real Estate Group has bought a portfolio of predominantly industrial properties in Wales for £33.4m – a yield of 8.5%.
The Northern European real estate investment and asset management firm bought the assets – which comprise six industrial properties, a hotel, and a leisure asset – from Newport-based RH Properties.
The industrial properties are a mix of single and multi-let units in South Wales. They total 852,000 sq ft and are let at an average rent of £2.27 per sq ft with a lease term of around nine years.
The hotel property is in the centre of Newport and is let to Travelodge Hotels for 17 years. The leisure asset is Leisure@Cwmbran in the town centre, with tenants including a Vue cinema, a Frankie & Benny’s restaurant and a Bowlplex bowling centre, with a lease term of 13.3 years.
The vendor was advised by Allsop.
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