Cording completes industrial portfolio disposals
Cording Real Estate has completed the disposal of an industrial portfolio with the sale of two sites for a combined £20m.
It has sold two industrial estates in Wigan and Wolverhampton, with a blended net initial yield of 8%.
Cording sold Hindley Green Business Park in Wigan, which comprises five industrial units and an office spanning 360,000 sq ft office, to a private overseas investor.
Cording Real Estate has completed the disposal of an industrial portfolio with the sale of two sites for a combined £20m.
It has sold two industrial estates in Wigan and Wolverhampton, with a blended net initial yield of 8%.
Cording sold Hindley Green Business Park in Wigan, which comprises five industrial units and an office spanning 360,000 sq ft office, to a private overseas investor.
It also sold nine units totalling 114,913 sq ft at Oxford Street Industrial Estate in Wolverhampton, to funds managed by Blackstone and M7 Real Estate.
The two business parks are the final assets to be sold from a portfolio of six industrial sites acquired in March 2015.
Adam Crickmore, fund manager at Cording, said: “The sale of the portfolio has delivered significant returns for our investors, driven by our business model of adding value through strong implementation of our business plan and proactive asset management initiatives.”
Cording was advised by Tudor Toone and Carrick Real Estate for the Wigan sale, and Tudor Toone for the Wolverhampton sale. The private buyer at Wigan was advised by Avison Young and DTRE advised Blackstone and M7 fund purchases in Wolverhampton.
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