Max Property Group plc MAX PROPERTY GROUP AND ORCHARD STREET AGREE ÂGBP30M INDUSTRIAL TRANSACTION.
20 Septembre 2010 - 5:05PM
UK Regulatory
TIDMMAX
MAX PROPERTY GROUP PLC
MAX PROPERTY GROUP AND ORCHARD STREET AGREE GBP30M INDUSTRIAL TRANSACTION.
Orchard Street Investment Management, representing a Pension Fund client has
acquired for GBP30.5m the 370,000sf Castle Industrial Estate, High Wycombe in an
off- market transaction. The vendor was Max Property Group plc advised by
Prestbury Investments LLP.
The estate, which formed part of the Industrious Portfolio, is let to tenants
including John Lewis, Geodis, Biffa and R H Amar, producing a rent of GBP2.85m pa.
The transaction shows a net initial yield of 8.85%.The net proceeds are 5.6%
above Max's March 2010 valuation and GBP15.8M of cash will be released for new
acquisitions after repayment of bank debt.
Gary Felce of Orchard Street comments: "We are very pleased to acquire this
South East estate which offers a good balance of income and management
opportunities in a market with limited supply."
Mike Brown of Prestbury said "Since purchase last October we have secured early
renewal of leases and new lettings on over 200,000 sqft on this estate. Whilst
we were not seeking a disposal, with a lot size of over GBP30M reflecting GBP87psf
Castle Estate is not a natural fit with the remainder of the Industrious
portfolio which comprises 80 higher yielding properties with an average lot size
of under GBP3M and acquired at circa GBP30psf."
DTZ advised Orchard Street. Max were advised by Franc Warwick.
20 Setember 2010
ENQUIRIES:
Orchard Street Investment Management Tel: 020 7494 8862
Gary Felce
Prestbury Investments Tel: 020 7647 7647
Mike Brown
College Hill Tel: 020 7457 2020
Gareth David
[HUG#1445500]
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Source: Max Property Group plc via Thomson Reuters ONE
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