Equiton GP Limited has unconditionally exchanged contracts to sell all the property assets of the Equiton Industrial Partnership to Universities Superannuation Scheme Limited for a cash amount of £196 mln., reflecting a net initial yield of 8.7% off the contracted income. The completion date is September 28, 2009.
The Equiton Industrial Partnership comprises three Limited Partners: Brixton plc has a 30% interest, Edger Investments Limited has 44% and The SE Industrial Unit Trust has 26%. The proceeds of the sale received by the Equiton Industrial Partnership will be used to repay all of its outstanding indebtedness, and any remaining amounts will be distributed to the Limited Partners.
The assets comprise 42 predominantly South East multi-let industrial estates totaling approximately 2.8 million ft² (approx. 260,000 m²). As of May 31, 2009 the assets were valued at £203.191 mln.
Equiton was advised by Franc Warwick whilst King Sturge acted for the purchaser.