DTZ INVESTORS COMPLETES SALE OF INDUSTRIAL PORTFOLIO
DTZ Investors, advised by Gerald Eve, has disposed of four industrial assets as part of the sale of the Libra Portfolio. The properties are freehold, multi-let estates located in Banbury, Bristol, Redhill and Stevenage. The assets are fully let, with tenants including CCF Limited, Screwfix Direct Limited and Cubico (UK) Limited.
The portfolio benefits from a weighted average unexpired lease term of 4.5 years to expiries and 3.4 years to breaks, and a low average passing rent of £7.30 per sq ft.
The portfolio was sold for £36.4m, reflecting a net initial yield of 4.85% and capital value of approximately £138 per sq ft. Banbury, Redhill and Stevenage were acquired by a UK fund and Bristol was acquired by Pears Property. Wheatley Hall Trade Park, Doncaster, which was originally part of the sale portfolio, was disposed of separately.
Gerald Eve acted for DTZ Investors. Springer Nicolas acted for the purchasers.