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Avon Capital Estates Acquires Another Industrial Portfolio

LONDON-Avon Capital Estates--the new investment vehicle for ex-Saville Gordon Chairman David Saville--has bought a second portfolio from Capital & Regional. The three industrial estates cost pounds 11.35 million ($17.8 million).

By Graham Parker | Updated on April 01, 2003

LONDON-Avon Capital Estates has paid Capital & Regional £11.35 million ($17.8 million) for a portfolio of three industrial estates with a combined income of over £1 million ($1.6 million), reflecting a net initial yield of around 8.8% This is the second such portfolio the fast-growing investment company has bought from Capital & Regional. ACE was founded in Summer 2002 by ex-Saville Gordon Chairman David Saville and ex-CSFB executive Ashley Whittome, and it has already amassed a £32 million ($51 million) portfolio.

The new portfolio consists of three sites. Twelve Quays in Birkenhead, Merseyside, comprises 60,000 sf in six units, and is fully let to tenants including Liverpool John Moores University and CML Group. Vanguard Court in Stockton, Teesside, comprises nine units totalling 71,700 sf. Five of the units are let to tenants including the interactive service provider Thus, while rents of about £3.75 ($5.90) per sf are being quoted for the remaining four units. And the Westerleigh Business Park in Yate, Bristol, provides 87,500 sf in ten units. With only two units vacant, tenants include Consignia and the McNaughton Paper Group.

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