Warner Estate Holdings has bought a mixed portfolio of 28 properties from Akzo Nobel CPIM Ltd for £30m at a 9.6% initial yield.
The portfolio consists of five industrial properties and four retail warehouses – all except one of which are located in the South East. The purchase also included 17 smaller retail properties and two office premises located throughout England.
Joint property director Jim Neill said: “This purchase has met all our objectives, it increases the size of our investment portfolio with some well secured long term income and provides opportunities for us to generate profits through asset management and the trading of the smaller lots”.
CB Hillier Parker’s Giles King, who acted for Akzo Nobel, said: “Warner’s offer topped the half dozen that we received. Akzo Nobel are very pleased to have disposed of a number of their smaller properties for what we believe to be an excellent price”.
Lewis Ellis & Partners advised Warner Estate.
EGi NEWS 16/02/99
