Mon, 22 Nov 2021 | COMMERCIAL PROPERTY
Real estate investment company, Schroder Real Estate Investment Trust (Schroder REIT) has announced it has paid £19.85 million for four industrial assets in the North West.
The acquisitions are for Valley Road Industrial Estate in Birkenhead, a manufacturing and recycling facility on Haydock Industrial Estate and two assets in Sandbach, Cheshire, which reflect a net initial yield of 6.9 per cent and a capital value of £53 per sq ft.
Valley Road Industrial Estate is a 10-acre estate and the acquisition reflects a net initial yield of 6.8 per cent, a reversionary yield of 7.8 per cent and a low average capital value of £60 per sq ft. The estate was valued at £11.4 million in the deal and tenants include Balfour Beatty, frozen food supplier KPFF and gift and voucher business Park Retail.
The Haydock Industrial Estate is 98,5551 sq ft and leased until January 2031 to Coral Product (Mouldings) Ltd, which was recently acquired by a subsidiary of the Canadian IPL Plastics Group.
Schroder REIT has let the two sites in Sandbach to Newfield Fabrications, a steel fabricating business for a combined £3.6 million. Once completed, SREIT’s net loan to value will be 34.7 per cent, with cash of £11.8 million and remaining undrawn loan facilities totalling £6.8 million.
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