Cording buys UK mixed-use portfolio for £38.4 million
Cording Real Estate Group (Cording), the Northern European real estate investment and asset management firm, has acquired a portfolio of mixed-use assets in the UK in an off- market transaction for £38.4 million, reflecting a net initial yield of 7.68%.
The portfolio is mixed use with a 70% weighting towards industrial, with the remainder being office and retail, in 15 locations. It was acquired from a private family trust.
The assets, which total 408,060 sq ft, are located predominantly in the south east, including Basingstoke, Brighton, Chislehurst, East Grinstead, Weybridge, Brentwood, Bedford, Westcliff-on-Sea, Bromley, Beaconsfield, central London, Farnborough, Chelmsford and Northampton.
Mark Millar, Head of UK and Investment at Cording, said: "This portfolio continues a strategy to buy well-located light industrial properties with a bias towards the south east. They currently deliver a strong income return with asset management potential to improve this in the short-to-medium term.
"As a vertically-integrated business, we are able to manage granular portfolios, such as this one, with a high proportion of industrial space, very efficiently".