CBRE Global Investors, the real estate investment company, has recently completed the sale of the Proteus Portfolio comprising four multi-let industrial estates located in the Midlands and the South East for a combined price of £23 million (approx. €27.6 million) reflecting a net initial yield of 7.7% and a reversionary yield of 8.1%.
The properties have been managed by CBRE Global Investors since 2010, and during this time significant value has been added following a refurbishment programme, which has led to 19 new lettings and eight lease extensions.
The four properties comprise 35 units totalling 331,000 ft² (approx. 30,750 m²) located in strong centres with active leasing markets. The portfolio has a low void rate of 5.6% and an excellent WAULT of 9.5 years to lease expiries, and was acquired by Threadneedle Investments.
Michael Ness, Head of UK, CBRE Global Investors, said: “We are very pleased with the price achieved, which was the result of a three year strategy to reposition the assets through a refurbishment and re-letting campaign which has ultimately added value for our client”.
CBRE Global Investors was advised by CBRE on the sale. Knight Frank acted for Threadneedle.
Source: Citigate Dewe Rogerson