Real estate manager Valad Europe has sold an industrial estate in the English region of Worcestershire to Schroder Property Fund.
Real estate manager Valad Europe has sold an industrial estate in the English region of Worcestershire to Schroder Property Fund.
The investment volume for Hartlebury Trading Estate came to £46.2 mln (€55 mln), representing a net initial yield of 10.15%.
Valad Europe was acting on behalf of The Industrial Trust. The trust is a UK multi-let industrial fund, asset managed by Valad Europe and fund managed by Rockspring Property Investment Managers.
Hartlebury Trading Estate, 37 kilometres south of Birmingham, occcupies a 72-hectares site with a total floor area of 130,000 m2.
The estate comprises 182 units let to around 85 tenants including TNT, Fedex, Forest Garden and Just for Pets.
Rob Howe, Valad Europe’s head of UK real estate, commented: 'Prior to identifying a purchaser for Hartlebury Trading Estate, we completed a comprehensive programme of intensive asset management and a rolling property maintenance plan which reduced the void on the Estate by 60% in the last 12 months.'
