The portfolio included a 30,000-sf office building in Harlow, Essex let to Nortel Networks Optical Components for 59 years and a 63,000-sf factory and office complex in Wellingborough, Northamptonshire, let to Siemens for another seven years. Also include were a 40,000-sf hi-tech facility on Wavertree Boulevard in Liverpool, let to a Marconi subsidiary for five years and a vacant 6,000-sf factory unit in Wigginton, North Yorkshire.
In addition, the portfolio includes a 12 acre mixed-use development site in Chelmsford, Essex; three houses near Rugby, Warwickshire and seven sports grounds, covering 72 acres, located across England. Marconi will receive a share in any profits if any of these sites successfully gain planning permission for development.
Ashtenne's Joint Chief Executive Ian Watson said 'This is a complex, varied and interesting portfolio which provides some exciting long term opportunities.'
The purchase came as the Ashtenne Industrial Fund--a limited partnership between Ashtenne and Morley Fund Management--was selected by the regional development agency Yorkshire Forward as preferred bidder for its regional land and property portfolio.
The portfolio, which comprises property located throughout the Yorkshire and Humber region, is predominantly industrial, with some office and high-tech space. It includes 50 estates, providing over 600 units, 1.7 million sf of floorspace and some adjoining land.
King Sturge is advising Yorkshire Forward on the sale, and Investment partner Jane Winfield said: 'The Yorkshire Forward sale offers a rare opportunity for a purchaser to make a strategic regional investment into an established portfolio of predominately multi-let estates. The high volume of tenants and units provides extensive opportunities to add value.'
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