The Airport Industrial Property Unit Trust, managed by Scottish Widows Investment Partnership, has completed the disposal of Mereside Park, Shield Road, Bedfont to Royal London Asset Management. The transaction volume of £16.2 mln (EUR 18.1 mln) reflects a net initial yield of 6.78%.
The Airport Industrial Property Unit Trust, managed by Scottish Widows Investment Partnership, has completed the disposal of Mereside Park, Shield Road, Bedfont to Royal London Asset Management. The transaction volume of £16.2 mln (EUR 18.1 mln) reflects a net initial yield of 6.78%.
The estate is fully let and has an average weighted income profile of approximately 4.5 years. Originally developed by BAA Lynton and funded by Scottish Widows plc in 1999, it extends to 10,750 m2 and comprises seven units over two terraces.
John Adcock, director of Industrial Investment at CB Richard Ellis, said: 'There were several institutional bids for this estate and the price is very much a reflection of the estate's location relative to Heathrow Airport, the quality of the asset and the considerable weight of money that is currently trying to secure prime multi-let industrial investments, particularly in the Southeast.'
Knight Frank acted for Royal London and CB Richard Ellis acted for the Airport Industrial Property Unit Trust.
