Cording Real Estate Group has acquired a portfolio of mixed-use assets in the UK in an off-market transaction for €43.7m (£38.4m), reflecting a net initial yield of 7.68%. 70% of the portfolio compromises industrial properties, with the remainder being office and retail.
The assets, which total GLA estimates 408,060 ft², are predominately located in the south-east, including Basingstoke, Brighton, Chislehurst, East Grinstead, Weybridge, Brentwood, Bedford, Westcliff-on-Sea, Bromley, Beaconsfield, central London, Farnborough, Chelmsford and Northampton.
Mark Millar, Head of UK and Investment at Cording, said: “This portfolio continues a strategy to buy well-located light industrial properties with a bias towards the south-east. They currently deliver a strong income return with asset management potential to improve this in the short-to-medium term. As a vertically-integrated business, we are able to manage granular portfolios, such as this one, with a high proportion of industrial space, very efficiently”.
