Rockspring Property Investment Managers announces that, on behalf of Rockspring Hanover Property Unit Trust, ('RHPUT'), it has sold Annick Industrial Estate in Shettleston, Glasgow, to a Berkshire-based private investor for £3.93 million (approx. 4.7 million), reflecting a net initial yield of circa 11%.
Situated in the Shettleston district of Glasgow, Annick Industrial Estate comprises 55 units and provides circa 100,000 ft² (9,290 m²) of multi-let industrial space.
Located approximately 3.5 miles to the east of the city center, the site benefits from excellent transport links, with close proximity to Junction 11 of the M8 motorway, which provides direct access to Glasgow city center.
The disposal was made on behalf of the RHPUT, the longest established property fund in the UK, having been formed in 1967 as an open ended, balanced fund focused on UK assets. It seeks to offer investors long-term, above-average performance by investing in core and core plus assets, which offer above average income returns that can be enhanced through active management, or have above average growth potential. As at September 30, 2011, the Fund had a net asset value of £469.3 million.
Mischa Davis, Fund Manager of RHPUT, commented: "This sale is in line with the Fund's strategy to create value through asset management initiatives and crystallize those profits whilst increasing the Trusts' exposure to the South East.
"Having achieved an occupancy level of 91%, we believe it is now a good time to sell. We intend to use the proceeds from the sale to continue with the Trusts' highly profitable capital expenditure program."
Drivers Jonas Deloitte acted for Rockspring, while Ryden and Winton Faith advised the purchaser.
Source: FTI Consulting