Max Property Group has announced the sale of Southwood Business Park to Scottish Widows and Centurion Properties for £16.5 mln (EUR 18.4 mln). The sale price represents a profit of £1.8m over the property's September valuation. Net of debt repayment, £7.8 mln of cash will be released for new acquisitions.
Max Property Group has announced the sale of Southwood Business Park to Scottish Widows and Centurion Properties for £16.5 mln (EUR 18.4 mln). The sale price represents a profit of £1.8m over the property's September valuation. Net of debt repayment, £7.8 mln of cash will be released for new acquisitions.
The property, located in Farnborough, comprises a 152,000 sq. ft high office content industrial estate built in the late 1980s, producing a gross rental of £1.696m per annum and will be managed by Centurion as part of the pair’s Active Industrial Portfolio joint venture.
Mike Brown of Prestbury Investments, external asset manager for MPG, commented: 'Southwood Business Park is an institutional grade asset. However, at £130 per sq. ft, capital value it is not a natural fit with the remainder of the Industrious portfolio which comprises higher yielding assets averaging just £30 per sq. ft capital value. Scottish Widows and Centurion Properties approached us recently and should be congratulated for the speed with which they carried out this transaction.'
