Tue, 06/11/2012 - 06:08
Columbus UK Real Estate Fund, advised by Columbus Capital Management, has acquired four industrial estates in Battersea, London SW11, Cheltenham, South Manchester and Cambridge.
The estates were all acquired in separate transactions and have an aggregate price of approximately GBP17m and an initial yield of 9.25 per cent.
The 390,000 sq ft portfolio has an overall vacancy rate of 15 per cent and a yield on rental value of 11 per cent.
Parkfield Industrial Estate in Battersea, London SW11 extends to 42,000 sq ft and is located just to the east of Clapham Junction Station. It consists of five units together with the “Clapham Tower” advertising hoarding. The principle tenant is Café Nero and the average passing rent is GBP7.57 per sq ft.
Kingsmead Industrial Estate in Cheltenham extends to 62,100 sq ft and is located to the north west of the town close to the main retail parks. The estate consists of six units, all of which are let to Securistyle Limited. The average passing rent is GBP5.32 per sq ft.
Roundthorne Industrial Estate in South Manchester extends to 208,000 sq ft and is located two miles North West of Manchester Airport. It consists of 21 units, five of which are vacant. The majority of the existing tenants are airport related companies. The average passing rent is GBP3.80 per sq ft. The estate forms part of the new Greater Manchester Enterprise Zone where new occupiers are exempt from business rates.
Beadle Trading Estate in Cambridge extends to 77,000 sq ft and is located just to the east of the City centre. It consists of 5 units, one of which is vacant. Tenants include Exel Logistics and Wolseley UK. The average passing rent is GBP4.46 per sq ft.
Joe Froud (pictured), managing partner of Columbus Capital Management, says: "In an ultra low interest rate environment the cash flow benefit of higher yielding multi-let industrials is obvious but most investors are put off by the smaller lot sizes and the level of asset management required.
“Having established the asset management resource we are now building a portfolio of institutional quality multi let estates focussing upon London and the South and have another London estate under offer.”
Savills, DTZ, JLL and CBRE advised Columbus Capital Management on the acquisitions whilst DTZ, CBRE, JLL and Bidwells acted for the vendors.
The portfolio was financed by way of a senior debt facility from Santander that was put in place on completion of the last purchase.
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