LONDON (Alliance News) – UK and Europe-focused property investor Hansteen Holdings PLC said Wednesday it has sold the Carvers Trading Estate in Ringwood, Bournemouth for GBP7.1 million.
The sale reflects a net initial yield of 4.93% and a capital value per square foot of GBP137. The property was sold to a client of real estate investment firm CBRE Global Investors.
The multi-let property comprises 51,346 square feet and is currently let to tiles retailer Topps Tiles PLC, trade tools retailer Screwfix, tyre retailer ATS Euromaster Ltd and Howden Joinery Group PLC.
“Following refurbishment and improvement works we let the remaining void units to quality covenants at rents over GBP10 per square feet which moved the estate estimated rental value on by over 20%. The price we achieved is 25% above our December 2016 valuation and the number of bidders shows the market for light industrials remains strong and highly competitive. Our UK portfolio of over 17 metres square feet of light industrial / urban logistic space, is well positioned to deliver continued performance as occupational demand continues to increase with little or no new supply entering the market,” said UK Property Director Derek Heathwood.
By Dayo Laniyan; firstname.lastname@example.org
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