Regional REIT has sold a Yorkshire industrial and business part for £8.6m, more than one-third more than it picked it up for.
The 41-acre Marston Business Park in Tockwith, Wetherby, has 24 tenants and encompasses 171,155 sq ft of industrial and logistics space. Since buying it, Regional REIT has obtained planning consent for six individual plots with a 170,000 sq ft floor area on 11.6 acres of the park.
The sale represents a 36.5% uplift from the acquisition price, and is 4.9% higher than a valuation carried out at the end of last year. It reflects a net initial yield of 7.2%.
Stephen Inglis, chief executive of London & Scottish Property Investment Management, the asset manager of Regional REIT, said: “This disposal is part of our previously announced portfolio reorganisation programme to dispose of our industrial properties which have met their individual asset plans, with the purpose of recycling the capital into higher yielding regional office properties.
“We look forward to providing an update of the use of the proceeds from this successfully agreed sale in due course.”
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