Royal & Sun Alliance (RSA) Property Investments has made £.5.5m from the sale of its (3. 5ha) 8.64 acres industrial site in Osborn Way, Hook, Hampshire to NFU Mutual. The initial yield on the sale is 6.15%.
The property, which is currently let to construction vehicle manufacturer Case UK, consists of 4,136 sq m (44,524 sq ft) of workshops, warehousing, offices and surrounding land.
Jim Yates, fund manager at RSA, said: “Although the property has long-term redevelopment potential, it no longer suits our investment portfolio so we decided to sell and take advantage of the institutional demand for industrial property.”
King Sturge acted for Royal & Sun Alliance and Morgan-Loggie advised NFU Mutual.
EGi News 11/08/00
