King Sturge’s Birmingham-based investment team has completed a hat-trick of industrial investment deals, worth £13.2m, with Protego Real Estate.
Senior surveyor Jonathan Ward said the transactions, in Leicester, Leamington Spa and Rugby, had been completed inside a month.
Two properties were acquired for Protego’s West Midlands industrial fund.
A 54,737 sq ft distribution warehouse in Leamington Spa, let to WH Smith, was bought for about £4m, an initial yield of 6.4%.
A 97,416 sq ft distribution unit at Meridian Business Park, Leicester, let to JP Boden & Co, was sold for around £6.8m, representing a 6.2% initial yield.
King Sturge investment partner Andy Price said the latter property was particularly attractive to Protego because of its location at J21 of the M1.
The third deal saw King Sturge sell a 55,431 sq ft unit at Rugby’s Glebe Farm Industrial Estate to the Protego fund – on behalf of F & C – for just over £2.4m, an initial yield of sub-8%.
The property is occupied by CPK Auto Products.
We were very pleased to be acquiring property on behalf of Protego’s West Midlands industrial fund, and also happy selling to them in a highly-competitive market,” said Ward.
References: EGi News 17/01/06
