Morley Fund Management has bought an £80m industrial and distribution portfolio from Kevin McCabe’s Scarborough.
The fund beat bidders including Insight, Standard Life and CBRE Investors. The price reflects a yield of 6.4%.
The portfolio includes a 370,000 sq ft warehouse in Braintree, Essex, let to safety clothing specialist Norcross; a 125,000 sq ft warehouse in Bridgewater, Somerset, let to Somerfield; a 100,000 sq ft shed in Melksham, Wiltshire, let to Knorr; and a 100,000 sq ft warehouse in Leicester, let to drum and cymbal manufacturer Premier Percussions.
Industrial estates in Cranleigh, Surrey, Horsham in West Sussex and Tewkesbury in Gloucestershire were also included.
Tudor Toone acted for Morley and Lambert Smith Hampton advised Scarborough.
References: EGi News 30/01/06