Global independent real estate investment adviser 90 North Real Estate Partners has sold two assets in the UK and Norway for a total of £70.5 mln (€79 mln) to Siemens and Fabritius Gruppen respectively.
The firm sold Fielden House in the UK to Siemens for £21.5 mln (€24 mln), before divesting the Onninen Distribution Warehouse in Norway to local real estate investor Fabritius for €55 mln.
'The returns generated by these two assets have been excellent, with investors enjoying a strong and steady income throughout their respective holding periods,' said Nick Judd, founder and head of investment at 90 North.
'Both properties have been owned for at least three years and have materially outperformed the business plan on all metrics, validating the quality of 90 North’s advice and asset selection.'
Fielden House (pictured), a gas turbine maintenance headquarters in Teal Park in Lincoln, is an 11,705 m2 industrial warehouse and office complex that was completed in 2012. The property is Siemens’ UK HQ for its gas turbine maintenance division and the company is now constructing a 7,000 m2 warehouse extension.
The Onninen property, at Berger Industrial Park just outside Oslo, consists of a set of A-grade warehouse and office buildings totalling 25,000 m2. Constructed in 2010, the property is 100% leased to multinational logistics company Onninen and acts as its Norwegian headquarters.
'90 North has completed approximately £1.12 bn (€1.4 bn) of acquisitions with more exits currently in the pipeline. However, in an era when demand among investors for secure income-producing investments is high but supply scarce, we are naturally cautious before recommending any divestment and will advise investors of all options in order to protect their wealth,' concluded Philip Churchill, founder and managing partner.
