Universities Superannuation Scheme, the UK higher education pension scheme, has unconditionally exchanged contracts with Equiton GP to acquire all the property assets in the UK of the Equiton Industrial Partnership. The investment volume of £196 mln (EUR 228 mln) reflects a net initial yield of 8.7% of the contracted income.
Universities Superannuation Scheme, the UK higher education pension scheme, has unconditionally exchanged contracts with Equiton GP to acquire all the property assets in the UK of the Equiton Industrial Partnership. The investment volume of £196 mln (EUR 228 mln) reflects a net initial yield of 8.7% of the contracted income.
The assets comprise 42 predominantly south-eastern, multi-let industrial estates totalling approximately 2.8m sq ft (260,000 m2). At end-May this year the assets were valued at £203 mln.
The transaction completion date is 28 September 2009.
The Equiton Industrial Partnership comprises three Limited Partners. Industrial property firm Brixton has a 30% interest, Edger Investments has 44% and The SE Industrial Unit Trust holds 26%.
Brixton said in a statement that the proceeds of sale received by the Equiton Industrial Partnership will be used to repay all its outstanding debts. Any remaining amounts will be distributed to the Limited Partners.
Equiton was advised by Franc Warwick, while King Sturge acted for the purchaser.
