18 December, 2015
DTZ Investors pick up multi-let estates in £82.5m buy
DTZ Investors has splashed out £82.5m to buy a portfolio of four multi-let industrial estates from Threadneedle Investments.
The company has agreed a deal to take the four assets out of the Wellington portfolio, which was put on the market in September as a larger £131m portfolio comprising eight assets. The purchase price reflects a yield of 6.4% and is a further boost to the industrial market, which has seen several portfolio sales during 2015.
The portfolio totals 850,000 sq ft of space in well-established estates, which include Railway Triangle, in Portsmouth; Brooklands Close, in Sunbury; Beeches Industrial Estate, in Yate; and Old Brighton Road, in Crawley.
“This was an excellent chance to acquire a well-let portfolio of multi-let industrial assets that provides both short and medium-term asset management opportunities,” Kevin O’Connor, senior director at DTZ Investors, said.
The original portfolio was made up of eight assets, primarily located in the South East, and covered around 1.3m sq ft. Most of the assets were bought in 2012 from SEGRO as part of the Galahad portfolio.
However, the portfolio has been split up, with Threadneedle hoping to secure a deal on the remaining four assets before the end of the year. It includes a further asset in Portsmouth, an estate in Ashton Vale, a park in Feltham and an estate in Bishop’s Stortford.
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