The Industrial Partnership has put a further £21m from its £120m investment fund into six warehouse parks in the South East, the Midlands and South Wales.
IP, managed by John Sims’ IO Group and PRICOA Property Investment Management, has acquired the properties off an average yield of just under 13%. The deal follows investments totalling £22m off similar yields at the end of last year. IP’s Robert Palmer said he wants to invest the remaining £90m in other high yielding industrial properties by the start of 1998.
The fund paid IM Properties £2.75m for the13,615 sq m (146,553 sq ft) Watery Lane Industrial Estate in Wolverhampton. Phoenix Beard advised the vendor while Collingwood Rigby acted for IP.
Royal London Mutual Insurance Society, advised by Henry Butcher, sold Brook Road Industrial Estate in Rayleigh, Essex, for £4m. Watson Temple and Glenny advised IP in the 14,224 sq m (153,114 sq ft) acquisition.
IP, represented by Glenny and Holley Blake, paid £6.5m for 20,148 sq m (216,873 sq ft) at Purdeys Industrial Estate in Rochford, Essex. Countrywide Property Management advised the vendor, Rochehall.
The fund also acquired three blocks totalling 6,828 sq m (73,500 sq ft) at Bridgend Industrial Estate for £1.57m from Capital & Provident. IP was advised by Fletcher Morgan and Millar Menzies.
Bass Pension Fund, represented by Jones Lang Wootton, sold the 9,180 sq m (98,820 sq ft) Ransomes Industrial Estate in Ipswich for £2.8m.
And Branbridges Industrial Estate in Tonbridge was sold by Veremead for around £2.8m. Bracketts Commercial advised the vendor on the 5,874 sq m (63,226 sq ft) disposal while Richard Ellis acted for IP.
EGi News 27/05/97
