Leading industrial developer and asset manager, Chancerygate, has sold 30 units across nine industrial estates from its balance sheet portfolio for a total of £15.4m
Chancerygate Managing Director, Richard Bains, commented: ‘’These sales are part of the strategic repositioning of our balance sheet investments.’’
‘’The capital raised will be reinvested into our developments at Harlow, Maidstone and Bristol and will allow us to hold these on Chancerygate’s balance sheet once development is completed.”
The disposals comprise 168,601 sq ft of space and include the ‘Collective Portfolio’ which covers 35,676 sq ft in 12 units across four industrial estates located in London and the South East.
The other properties sold were:
A multi-let industrial estate of 13 units in Irlam reflecting a 6.6% net initial yield
A 64,000 sq ft single let industrial unit in Stoke on Trent reflecting an 8.7% net initial yield
4,901 sq ft in two units at Trafford Park, Manchester reflecting a 5.9% net initial yield
A 16,695 sq ft unit in Farnborough sold to an institutional investor
A 9,149 sq ft unit in Peterborough sold to a local investor
Chancerygate were advised by B8 Real Estate, Whitmarsh Holt Young and Barker Storey Matthews.
Rory Finnan, Head of Asset Management at Chancerygate commented: ‘’We have carefully asset managed these estates, some of which we developed in 2007/8. Disposing of a number of older, small individual units and reinvesting into new Grade A accommodation will allow us to focus our portfolio on assets with the greatest appeal to today’s occupational demand.‘’