US developer-investor Hines has acquired a portfolio of four multi-let industrial estates in the West Midlands on behalf of its Hines European Value Fund 2 (HEVF 2) from London Metric.
The four multi-let estates were bought for £40.5 million (€47 million), reflecting a net initial yield of 6.2%. The estates encompass 435,000 sq ft (40,320 sqm) across 47 units and generate £2.7 million per annum of rental income, with a weighted average unexpired lease term to first break of 2.9 years.
Three of the estates are located in Birmingham (Kingshill, Redwood Park and Shenstone) and the fourth in Rugby (Triton Park).
The properties were previously acquired as part of the Mucklow acquisition in June 2019 for an allocated price of £31 mln. The sales crystallise an ungeared IRR of 13% and are in line with March 2023 book value, the vendor said.
Source: https://propertyeu.info/Nieuws/Hines-grows-UK-logistics-footprint-with-47m-portfolio-deal/92732aef-769a-4854-adcd-0a956c5f79b0, on 15.09.2023