Custodian has sold a portfolio of five industrial sites for £23.4m.
The deal, to an unnamed buyer, will complete on 29 September.
The portfolio comprises sites in Gateshead, Stockton-on-Tees, Warrington, Stone and Christchurch with a current passing rent of £1.4m. The price is £2.13m or 10% above the portfolio’s June 2021 valuation.
Custodian Capital managing director Richard Shepherd-Cross said: “We believe now is the best time to sell to capitalise on the current, favourable market dynamics to secure a significant profit.”
He added that while the short-term prospects for the portfolio were “robust”, Custodian considered them “non-core”, due to their age, location and layout.
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