Aberdeen Portfolio Sells for £10.427 million
18 February 2010
Andrew Johnson’s Chancerygate, advised by Ryden and Biggart Baillie, has sold a portfolio of three industrial estates in Aberdeen for £10.427million to clients of CBRE Investors, represented by King Sturge and McGrigors. The sale price represents a yield of 8.45%.
Chancerygate acquired the portfolio in 2008. It comprises Forties Industrial Estate Centre, Denmore Industrial Estate and Portlethen Industrial Estate. Tenants include TNT, Weatherseal, Nationwide Access and Greco Subsea.
Ken Shaw, Partner at Ryden, said:
“The portfolio has undergone a proactive and successful asset management programme which has added significant value to the assets for our client.
“This was one of the city's largest multi-let industrial investment transactions and the first of its kind for nearly two years. The market has been tricky for this type of stock during the recession although the sale provides evidence ofan improvement in pricing and a welcome return by Funds into the market.”
