Orchard Street acquires £50m industrial warehouse portfolio
23 May 2011
Orchard Street Investment Management LLP, the specialist commercial property investment manager, has acquired a portfolio of industrial properties in the South East of England, for a pension fund client for £50.4 million, reflecting a net initial yield of 7.1%.
The portfolio totaling 522,159 sq ft, comprises three multi-let estates located in Woking, Maidenhead and Newbury, and four single-let warehouses located in Park Royal, Hayes, Milton Keynes and Huntingdon. The properties are let to institutional quality tenants with a weighted average of c. eight years of unexpired income.
Knight Frank advised Orchard Street on the acquisition.
Commenting on the acquisition, Gary Felce, Chief Investment Officer at Orchard Street Investment Management, said:
"We are very pleased to have secured this South East Industrial portfolio given the limited supply of similar quality investments and the current institutional demand for this sector. The portfolio provides an attractive income return which will further increase upon the letting of the vacant units and also offers a number of opportunities for lease extensions and refurbishments which will add further value."
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For more information:
Dido Laurimore/ Talia Shirion
FTI Consulting
+44 (0)20 3727 1000
osim [at] fticonsulting.com
Notes to Editors:
Orchard Street Investment Management
Established in 2004, Orchard Street Investment Management LLP is a leading specialist commercial property investment manager, focused on the UK market with £4.2 billion of AUM (as at 30 June 2022). It acts on behalf of institutional clients world-wide to advise on investing in and the active management of property assets, including industrial warehouses, retail warehouses, and offices.