Search
 

Henderson Buys Industrial Estates From Brixton

LONDON-Specialist industrial investor Brixton has sold two multi-let industrial estates in North London and Milton Keynes to Henderson Global Investors. The move is part of Brixton's stategy of turning itself into an asset manager.

By Graham Parker | Updated on April 16, 2002

LONDON-Quoted industrial specialist Bricton has sold two large multi-let industrial estates to Henderson Global Investors, manager of the Pearl Assurance fund, for £51 million ($73 million).The two properties are the Brunswick Industrial Park in New Southgate, London N11 and Tanners Drive, Blakelands, in Milton Keynes, Buckinghamshire. The New Southgate estate totals 221,000 sf in 12 units let at £1.29 million ($1.85 million) per annum. The Milton Keynes asset comprises 556,000 sf of space in 74 units let at £2.58 million ($3.7 million) per annum. The sale reflects a net initial yield of 7.2%.

As part of the deal, Brixton has been granted a call option to purchase Pearl’s 50% holding in the Premier Greenford Limited Partnership, giving Brixton 100% ownership and allowing it to re-structure the fund and to introduce new investors. The fund owns major distribution properties at Premier Park, Park Royal and Greenford Park, Greenford both in west London. The sites contain 793,000 sf of completed and let space; 42,000 sf pre-let; 66,000 sf of completed and vacant space and 37 acres of development land with planning consent for 816,000 sf of ‘big-box’ warehousing.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.