Cording Real Estate Group, acting on behalf of a segregated account, has sold two industrial estates in Wigan and Wolverhampton for €22.6m (£20m). The sale reflects a blended net initial yield of 8%. Hindley Green Business Park in Wigan, which comprises five industrial units and an office building, totalling 360,436ft², has been sold to a private overseas investor. Oxford Street Industrial Estate in Wolverhampton, which comprises nine industrial units, totalling 114,913ft², has been sold to funds managed by Blackstone and M7 Real Estate.
Cording added significant value to the portfolio through an asset management strategy which reduced the level of voids and led to higher rents and longer lease lengths. At Hindley Green, Cording let 107,800ft² of newly-refurbished industrial space to Corenso UK and re-geared the lease of 178,000ft² with ContiTech, part of Continental Corporation. At Oxford Street, Cording regeared the lease of 56,000ft² with Wolverhampton Self Storage.
Adam Crickmore, Fund Manager at Cording, said: “The sale of the portfolio has delivered significant returns for our investors, driven by our business model of adding value through strong implementation of our business plan and proactive asset management initiatives”.
