Mon, 24 Jan 2011 | BUSINESS SALE
The Brownhills-based Maybrook Road Industrial Estate has been acquired by property fund manager Highcross.
The 159,362 sq ft estate, which is made up of 28 units, was acquired from Croudace Properties for just over £6 million. The majority of the units are already occupied, with one 5,000 sq ft unit lying vacant.
A spokesperson for Highcross – who was advised on the sale by Gerald Eve - said that the commercial acquisition represented a real boon for the company's portfolio.
Joe Curlett, asset manager at Highcross, said, "Brownhills has a very limited supply of similar industrial buildings, which has resulted in good levels of occupier retention at the estate.
"This, together with the opportunities to increase value through active asset management, make the estate an attractive addition to our West Midlands portfolio," he added.
Meanwhile, vendor Croudace Properties - who was advised by BNP Paribas Real Estate - said that they were 'pleased with the sale,' as it 'comprised a major component in the company’s restructuring.'
The selling of the industrial estate ends Croudace Properties' 40-year association with the West Midlands.
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