Langtree is close to selling six industrial estates in the North to Protego Real Estate Investors.
The investment management firm headed by Iain Reid is expected to pay £25.7m for the freehold investments, known as the Alba portfolio a 6.3% initial yield.
They are spread across four sites at Zenith Park in Barnsley, South Yorkshire; Sherdley Business Park and Lea Green Business Park, both in St Helens, Merseyside; and at Wirral International Business Park, Merseyside.
The annual rent roll on the 500,000 sq ft of space is £1.9m.
John Downes, managing director of Langtree, declined to comment on the deal except to confirm that the portfolio had been put up for sale.
Protego aims to double its assets under management to €2bn over the next year.
Langtree was represented by Colliers CRE and WHR Property Consultants; DGI Davis George advised the buyer. All declined to comment.
References: EGi News 11/11/05
