Schroder Exempt Property Trust has sold its freehold interest in Cross Point Central, Coventry, to Nottinghamshire County Council Pension Fund advised by RREEF, for £5m. The deal represents a net initial yield of 7.24%
The multilet industrial estate comprises 7,200 sq m (76,639 sq ft) over 1.86ha (4.61 acres). It generates a total passing rent of £382,669 pa exclusive, which averages £53.75 per sq m (£4.99 per sq ft). Tenants include the Lear Corporation (UK), FX Coughlin and Domestic & General Group.
FPDSavills advised Schroder, while Weatherall Green & Smith advised RREEF.
EGi News 18/04/01
