SPP Investment Management has paid £2.9m for 1-4 Raglan Court on Risley Industrial Estate near Warrington, Cheshire.
The units total 7,606 sq m (81,874 sq ft) and have been let to Technology plc, a subsidiary of Fujitsu/ICL, with 13 years remaining on the lease. The deal reflects an 8.25% initial yield.
SPP’s chief UK investment officer Philip Ingman said: “As part of our strategic move towards smaller average lot size and regional diversification for SPP’s UK investment portfolio, we have been specifically targeting industrial estates throughout the country. Warrington fitted our purchase criteria perfectly, but we are still looking in this sector and also for office investments in London and the south east.”
SPP Investment Management was represented by Awbery Lapsa. Scottish Amicable Investment Management acted on behalf of South Yorkshire Pensions Authority.
EGi News 01/10/96
