Wednesday, 10 December 2014
Topland sells Trafford Park L’Oreal warehouse for €70mln (UK)
Topland, headed by Sol Zakay, has sold two warehouses to Tritax Big Box REIT for a combined sum of £55.1 mln (approx. €70mln), reflecting a net initial yield of 6.9%.
At Trafford Park in Manchester, Topland has sold a 315,000 ft² (approx. 29,265 m²) warehouse let to L’Oreal (UK) until 2019, together with a 344,000 ft² (approx. 31,959 m²) unit at Dove Valley Park in Foston, Derbyshire, which is let to Kuehne & Nagel until 2028.
The combined income from the two units is £3,805,231 (approx. €4,810 mln), per annum. Mark Kington, managing director of Topland, said: “Given the current institutional interest in the industrial property market, this sale represents a great opportunity to divest and redeploy the capital in markets where Topland is better able to add value.”
Sol Zakay, chairman and CEO, said: “Out investment team has already identified a number of sectors and specific opportunities where the capital from these disposals can be best used, and I anticipate reinvestment to occur sometime in the New Year.”