DTZ Investors (DTZI) has completed the sale of two Greater London multi-let industrial estates for a combined £70.7 mln (€84 mln) to specialist industrial investor Valor Real Estate Partners.
The combined sale price of Watford Interchange (£32.2 mln) and Mitcham Industrial Estate (£38.5 mln) represents a NIY of 2.35%.
Watford Interchange is located a mile north-east of Watford Junction station on a 2.87 acre site. Comprising four well-specified warehouses, totalling 58,973 sq ft (5,480 m2) the asset is fully let to RS Components, Saniflo, Peerless AV and Hancocks Holdings.
Mitcham Industrial Estate comprises 100,381 sq ft on 3.07acres. Its diverse tenant line-up includes Selco Trade Centres, Floorsave London and PD Self Storage, and also offers immediate reversionary potential.
Gavin Richmond, fund manager at DTZ Investors, said: ‘The continued strength of the Greater London industrial market has presented an opportunity to exit some of our larger Greater London holdings and, in doing so, deliver attractive returns for our investors.’
Charles Howard, partner, logistics & industrial, Cushman & Wakefield, said: ‘These transactions illustrate the considerable capital that remains for Greater London industrial assets. Both estates offer excellent connectivity, access to Central London, and attractive reversionary potential; ideal characteristics for a wide range of last mile and urban logistics operators and strong rental growth potential.’
Cushman & Wakefield advised DTZ Investors on both sales, with Valor REP represented by Clifton on Watford and DTRE on Mitcham.
