Max Property Group, the UK real estate investment firm backed by entrepreneur Nick Leslau, said it has completed the acquisition of the Industrious portfolio from the receivers of the Industrious group for £227 mln (EUR 246 mln), including all acquisition costs. The purchase price is lower than stated earlier as Max Property simultaneously sold two properties in the portfolio for a net cash sum of £20 mln.
Max Property Group, the UK real estate investment firm backed by entrepreneur Nick Leslau, said it has completed the acquisition of the Industrious portfolio from the receivers of the Industrious group for £227 mln (EUR 246 mln), including all acquisition costs. The purchase price is lower than stated earlier as Max Property simultaneously sold two properties in the portfolio for a net cash sum of £20 mln.
The purchase is being financed by a £127.7 mln (EUR 138 mln) non-recourse loan from German bank Eurohypo, with the balance being satisfied from the Group's existing cash resources.
The initial yield on the portfolio on a conventional valuation basis is 12.7% and the 'true' net initial yield after deduction of void costs and all portfolio running costs including the running of the Industrious business is 10.3%.
The predominantly freehold portfolio comprises 85 properties across the UK with a good diversification of tenant risk.
