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Kuwaiti Fund Launches UK Portolio with Hermes Warehouse Deal

LONDON-The Kuwaiti Al Manar fund has bought four distribution properties from Hermes as part of a drive to build up a pounds 250 million ($400 million) portfolio of office and industrial properties in the UK.

By Graham Parker | Updated on August 15, 2003

LONDON-A Kuwait-based property fund has paid Hermes £47.2 million ($75 million) for four high-bay distribution warehouses located in Northampton; South Normanton; Maltby and Gloucester totalling over 780,000 sq ft. They produce an income of £3,773,174 ($6.03 million) per annum .

The properties are: the 259,814-sf Plot 6100 Gloucester Business Park, let to Wincanton Holdings, which was sold for £17.2 million at a 7.3% net initial yield; the 191,301-sf GE Lighting unit at Brackmills Industrial Estate, Northampton, sold for £13.1 million at a net initial yield of 7.38%; Wincanton Holdings’ 123,178-sf distribution unit at Rotherham Road, Maltby, South Yorkshire, sold for £6.25 million at a 9.0% net initial yield and the 208,42-sf Unichem Unit at Amber Park, South Normanton, Derbyshire sold for £10.7 million reflecting a net initial yield of 7.3%.

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