Sales of more than £200m of secondary regional property this week took a significant step forward, with a further £120m set to hit the market.
London-based Toscafund Asset Management, advised by Tudor Toone, is in advanced talks to buy the 3m sq ft Empire Portfolio from Combined Property Control and private investor Aubrey Weiss for circa £145m – a 10% yield.
The portfolio includes 50 properties across the retail, offices, sheds and leisure sectors, over much of the UK, producing a rent of £14.5m pa.
Meanwhile, Helical Bar, also advised by Tudor Toone, has bought the Constellation Portfolio of industrial and office assets based around the Midlands for £41m from IM Properties, represented by Franck-Steier Price.
In the North West, Clearbell Capital has bought a mixed-use portfolio from Pin Properties for £18.4m – a yield of 9.47%.
Philips Lockhart Starr director Richard Starr, said: “Twelve months ago the funds and the property companies started to look outside the capital for yields – the debt followed and everyone piled in after them. Demand for regional property has ballooned since.”
Lewis & Partners and Knight Frank advised the vendors on the Empire sale; King Street Commercial acted for Clearbell; Davies Harrison represented Pin Properties.
More to come
? Aviva has appointed DTZ to sell the £57m Neon Portfolio of 10 offices totalling 474,000 sq ft – a yield of 9.2%.
? Knight Frank is to launch the Phantom Portfolio of nine industrial estates on behalf of a part-owner of the Hampton Trust for £17m – a 9% yield.
? Fawcett Mead is marketing the £17m Sovereign Portfolio for Hermes at a 7% yield.
? Philips Lockhart Starr is selling the £11m Truffle Portfolio for Cording Real Estate at a yield of 9.2%.
chris.berkin@estatesgazette.com
