KM Estates sells portfolio to Credential Holdings for £21.7m

KM Estates has completed the disposal of an 115,000 sq ft portfolio to Glasgow-based investment company Credential Holdings for £21.7m. The Edinburgh-based investor has sold five offices – one with an industrial element – and one retail unit, spread throughout Scotland, Warrington and Peterborough. These included Minto Drive at Altens Industrial Estate, Aberdeen, Hunter Place in Kirkcaldy, Tasmin House and Caspian House in Clydebank and the Bank of Scotland at High Street, Dumfries. In addition, four office pavilions at Birchwood Business Park in Warrington and 9-10 Geneva Street in Peterborough were also sold. The properties provide an annual rent of just under £1.5m, which reflected an initial yield of 6.4%. The portfolio has more than 10 tenants including Coca Cola Enterprises, Vodafone, the Secretary of State for the Environment and Clydesdale Bank. David Mitchell, director of KM’s holding company, Manse Investments, said: “This is a fantastic deal for KM which has allowed us to realise a good return on our investment.” King Sturge advised KM Estates, while Inglis Howie acted for Credential Holdings.