Search
 

Brixton Goes on $550M Deal Spree

LONDON-This industrial specialist has bought two new properties and restructured its Equiton fund in three deals worth a combined $550 million.

By Graham Parker | Updated on March 17, 2004

LONDON-A string of deals worth £300 million ($550 million) has helped industrial specialist Brixton restructure its portfolio. It has bought two properties in Manchester and London and sold another 10 smaller properties into the Equiton industrial fund it set up in partnership with Equitable Life.

At Trafford Park in Manchester, Brixton has agreed to buy out Burford Beta Holdings’ 100% interest in a limited partnership that owns 127 acres of industrial land, housing 2.7 million sf in 198 units, for £101.1 million ($182 million). The total income is approximately £6.5 million ($12 million) per annum, and the equivalent yield is 7.9%.

And in London, Brixton has acquired the 50% interest it did not own in the Premier Greenford Limited Partnership from Pearl Assurance for £76.4 million ($140 million). The partnership owned 900,000 sf of existing space in West London where the vacancy rate is only 3.7%. The total income of £7.3 million per annum should rise to £7.7 million on settlement of three outstanding rent reviews. In addition there is development land that could accommodate another 800,000 sf of floorspace.

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.