Cording completes disposal of UK industrial portfolio with £20 million of sales
Cording Real Estate Group, a member of the Edmond de Rothschild Real Estate investment management platform, has sold two industrial estates in Wigan and Wolverhampton for £20 million, reflecting a blended net initial yield of 8%.
Hindley Green Business Park in Wigan, which comprises five industrial units and an office building, totalling 360,436 sq ft, has been sold to a private overseas investor. Oxford Street Industrial Estate in Wolverhampton, which comprises nine industrial units, totalling 114,913 sq ft, has been sold to funds managed by Blackstone and M7 Real Estate.
Hindley Green and Oxford Street are the final assets to be sold from a portfolio of six UK industrial estates, which Cording acquired in March 2015.
Cording added significant value to the portfolio through an asset management strategy which reduced the level of voids and led to higher rents and longer lease lengths. At Hindley Green, Cording let 107,800 sq ft of newly-refurbished industrial space to Corenso UK and re-geared the lease of 178,000 sq ft with ContiTech, part of Continental Corporation. At Oxford Street, Cording re-geared the lease of 56,000 sq ft with Wolverhampton Self Storage.
Adam Crickmore, Fund Manager at Cording, said: “The sale of the portfolio has delivered significant returns for our investors, driven by our business model of adding value through strong implementation of our business plan and proactive asset management initiatives”.
Cording was advised by Tudor Toone and Carrick Real Estate for the sale of Hindley Green and Tudor Toone for the sale of Oxford Street.