Orchard Street Investment Management has acquired a portfolio of industrial properties in the south-east of England for a pension fund client. The investment volume of £50.4 mln (EUR 58 mln) reflects a net initial yield of 7.1%.
Orchard Street Investment Management has acquired a portfolio of industrial properties in the south-east of England for a pension fund client. The investment volume of £50.4 mln (EUR 58 mln) reflects a net initial yield of 7.1%.
'The portfolio provides an attractive income return which will further increase upon the letting of the vacant units and also offers a number of opportunities for lease extensions and refurbishments which will add further value,' said Orchard Street CIO Gary Felce.
The portfolio totals 159,154 m2 and comprises three multi-let estates located in Woking, Maidenhead and Newbury and four single-let warehouses located in Park Royal, Hayes, Milton Keynes and Huntingdon. The properties are let to institutional quality tenants with a weighted average of eight years of unexpired income.
Knight Frank advised Orchard Street on the acquisition.
