Cording Real Estate Group has sold Greens Industrial Estate in Wakefield to Paloma Capital for €15.9m (£14m), reflecting a net initial yield of 8.55%. Located on Calder Vale Road, the multi-let estate comprises 21 industrial units and a three-storey office building, totalling 345,000ft², on a 21-acre site. The estate is let to 16 tenants with six vacant units, producing a total rent of €1.45m (£1.27m) per annum. Greens Industrial Estate is the fourth asset to be sold from a portfolio of six UK industrial estates, which Cording acquired in March 2015 for €58m (£51m), reflecting a net initial yield of 9.25%.
Adam Crickmore, Fund Manager at Cording, said: “Following a number of very good results for the fund, we have again proved our business model of adding value through the strong implementation of solid business plans and good asset management initiatives. The sale of Wakefield follows the successful implementation of our strategy with significant capital expenditure invested, which reduced the level of voids and led to higher rents and longer lease lengths”.