Quoted agent Fletcher King has completed the first acquisition for its Stratton House Investment Property Syndicate, which closed on 1 December 2002.
The syndicate, which Fletcher King manages, has bought Europa Park in Kearsley – off the M61, to the north-west of Manchester – in a 20-year sale-and-leaseback deal with vendor the Bethell Group.
Fletcher King paid £3m for the 1.5-acre (0.6ha) estate, giving a net initial yield of 8.2%.
The estate comprises eight office and industrial buildings totalling 37,800 sq ft (3,512 sq m).
Chairman David Fletcher said: “We now have a £20m fund to invest in commercial property.
“Our intention is to fully invest the fund within the next six months and we are actively looking for further investment opportunities in the £2m-£4m range.”
Fletcher King this morning reported a 50% slump in interim profits thanks to the sharp drop in London lettings activity, and said that trading would be even harder in the second half.
EGi News 23/01/03
