Tuesday, 7 April 2015
Cording acquires industrial portfolio for €69 mln (UK)
Cording Real Estate Group, the UK and Northern European real estate investment and asset management business, has acquired a portfolio of six industrial estates in the UK for £51 mln (approx. €69 mln), reflecting a net initial yield of 9.25%.
The portfolio, which is spread across the North, Midlands and South East of England, was acquired from a joint venture between Brockton Capital and Dunedin Property.
Tudor Toone advised Cording in this transaction and JLL advised the vendors.
Mark Millar, Head of Portfolio Management, London, at Cording, said: “This portfolio is a good example of the type of investment we like to target for our income strategy. It has excellent fundamentals with a diversified and sustainable income stream and geographic spread. It offers us the opportunity to apply our asset management expertise to lease vacant space, increase the income and develop on the vacant sites.”