CBRE Global Investors has completed the sale of the Proteus Portfolio comprising four multi-let industrial estates located in the Midlands and the South East for a combined price of GBP23m.
This represents a net initial yield of 7.7 per cent and a reversionary yield of 8.1 per cent.
The properties have been managed by CBRE Global Investors since 2010, and during this time significant value has been added following a refurbishment programme, which has led to 19 new lettings and eight lease extensions.
The four properties comprise 35 units totalling 331,000 sq ft located in strong centres with active leasing markets. The portfolio has a low void rate of 5.6 per cent and a WAULT of 9.5 years to lease expiries, and was acquired by Threadneedle Investments.
Michael Ness, head of UK, CBRE Global Investors, says: “We are very pleased with the price achieved, which was the result of a three year strategy to reposition the assets through a refurbishment and re-letting campaign which has ultimately added value for our client.”
CBRE Global Investors was advised by CBRE on the sale. Knight Frank acted for Threadneedle.