Sol Zakay’s Topland has sold two warehouses to Tritax Big Box REIT for a combined sum of £55.1m, reflecting a net initial yield of 6.9%.
At Trafford Park in Manchester, Topland has sold a 315,000 sq ft warehouse let to L’Oreal (UK) until 2019, while at Dove Valley Park in Foston, Derbyshire, it sold a 344,000 sq ft unit let to Kuehne & Nagel until 2028.
The combined income from the two units is £3,805,231 pa.
Zakay said: “Our investment team has already identified a number of sectors and specific opportunities where the capital from these disposals can be best used, and I anticipate reinvestment to occur sometime in the new year.”
Strutt & Parker represented Topland; JLL advised Tritax Big Box REIT.
