Investor and asset manager Dunedin Property is in advanced negotiations with CBRE Global Investors to buy an industrial portfolio for around £25m, reflecting a net initial yield of circa 16%.
The Brunel portfolio comprises 87 units across four industrial parks in the North and Midlands.
It is the third time that the portfolio has been placed under offer since it was put on the market. Earlier this year, a company understood to be backed by venture capitalist Jon Moulton came close to buying it, with InfraRed Capital Partners subsequently entering talks.
The schemes included in the portfolio are: Hindley Green Business Park in Wigan, Greater Manchester; Kayley Industrial Estate in Ashton-under-Lyne (pictured), Greater Manchester; Greens Industrial Estate in Wakefield, West Yorkshire, and Claylands Distribution Centre in Worksop, Nottinghamshire
The portfolio generates income of £4m pa, and has a void rate of 13%.
Jones Lang LaSalle, which is acting for CBREGI, had initially sought offers around £36.7m, a 10.5% yield.
daniel.cunningham@estatesgazette.com
