Industrial specialist Slough Estates International has sold a former gin factory in Basildon for £30.8m.
Catalyst Capital are buying two properties, Juniper 1 and 2, located on Southfields Industrial Estate, in a deal that reflects a net initial yield of 7.26%.
Juniper 1 is a former gin factory that has been reconfigured into a 300,000 sq ft building, which includes three warehouses and an office block.
The second development, Juniper 2, includes four industrial buildings totalling 125,000 sq ft.
In total, the property provided a rental income of some £2.37m.
John Danks, regional director at SEI, said: “This site follows the disposal of Phase 300, Centennial Park, and the acquisition of Manasty Road Industrial Estate, Peterborough, in December 2006.
“These transactions demonstrate Slough’s active strategy of recycling capital in the UK business.”
King Sturge advised SEI; Franc Warwick advised Catalyst Capital LLP.
