Scottish Widows Investment Partnership has put a 1m sq ft sheds and offices portfolio on the market.
The Torch portfolio includes 15 assets, around 90% of which are multi-let industrial parks and sheds, with the remainder made up of offices. Nine of the sites are in the South East, with the others in Manchester, Birmingham, Nottingham, Bristol, Wednesbury and Normanton in West Yorkshire.
Jones Lang LaSalle is marketing the properties and has been instructed to seek offers in excess of £82m, reflecting a net initial yield of 9.15%. The Torch portfolio has a vacancy rate of less than 5%, with 60 tenants producing an annual rent of £8m.
JLL national investment director David Emburey said: “The average lot size is about £6m. SWIP is looking to sell so that it can upscale to bigger lot sizes.”
Earlier this month, SWIP appointed Knight Frank to market Unilever’s UK and Ireland headquarters campus in Leatherhead, Surrey.
The 180,000 sq ft site, which SWIP acquired from Invista Real Estate Asset Management in May last year, is on the market for offers in excess of £64.4m, a net initial yield of 6.5%.
nick.whitten@estatesgazette.com
