DTZ Investment Management said on Thursday that it has completed the purchase of the 4x4 Portfolio for £28.5 mln (EUR 32.5 mln), reflecting a net initial yield of 7.58%. The vendor is Liverpool Victoria Asset Management.
DTZ Investment Management said on Thursday that it has completed the purchase of the 4x4 Portfolio for £28.5 mln (EUR 32.5 mln), reflecting a net initial yield of 7.58%. The vendor is Liverpool Victoria Asset Management.
The portfolio comprises two estates in Greater London - Five Arches Business Estate and Units 19-23 Mitcham Industrial Estate - along with estates in Warrington and Coventry - Gemini Business Park and Swallow Gate Business Park.
The estates are located in established industrial areas with an average unexpired term to break or expiry of 6.6 years. There are 43 units in total ranging from 3,000 sq ft (280 m2) up to 32,000 sq ft and, by floor area, the portfolio is 82% let. Upon letting of the seven vacant units the running yield will rise to 8.8%.
DTZ acted for DTZ IM. Liverpool Victoria was advised by Griffiths Eccles.
