Valad, the European multi-let real estate investment manager, announces that it has sold Broomhills Industrial Estate in Braintree, Essex, on behalf of The Industrial Trust to Sainsbury's, for £4.75 million (approx. 5.4 million), with an additional top-up payment, payable subject to planning permission approval and conditions.
Under the terms of the sale, The Industrial Trust will receive the additional payment if Sainsbury's is successful in obtaining planning permission for the site and dependent on what size of development approval is granted for.
Commenting on the sale, Rob Howe, Head of UK Real Estate at Valad, said: "As part of Valad's active asset management approach, we regularly evaluate the performance and potential of all the assets in each of the portfolios we manage. Having carefully considered the options for Broomhills Industrial Estate, we recommended that a sale to Sainsbury's was in the best interests of investors in the The Industrial Trust."
The Industrial Trust is a UK multi-let industrial fund asset managed by Valad and fund managed by Rockspring Property Investment Managers.
Valad was advised on the sale by Chris Mason of Mason and Partners.
Source: Tavistock Communications