Greens In­dus­trial Es­tate gets new own­ers in £14m deal

Yorkshire Post - Business - - BUSINESS / NEWS -

An in­dus­trial es­tate in Wake­field has been ac­quired for £14m.

Cord­ing Real Es­tate Group, has sold Greens In­dus­trial Es­tate in Wake­field to Paloma Cap­i­tal. Based on Calder Vale Road, the multi-let es­tate com­prises 21 in­dus­trial units and a three- storey of­fice build­ing, to­talling 345,000 sq ft, on a 21-acre site. The es­tate is let to 16 ten­ants with six va­cant units, pro­duc­ing a to­tal rent of £1.27m per year.

Greens In­dus­trial Es­tate is the fourth as­set to be sold from a port­fo­lio of six UK in­dus­trial es­tates, which Cord­ing ac­quired in March 2015 for £51m. Adam Crick­more, fund man­ager at Cord­ing, said: “Fol­low­ing a number of very good re­sults for the fund, we have again proved our busi­ness model of adding value through strong im­ple­men­ta­tion of solid busi­ness plans and good as­set man­age­ment ini­tia­tives.

“The sale of Wake­field fol­lows the suc­cess­ful im­ple­men­ta­tion of our strat­egy with sig­nif­i­cant cap­i­tal ex­pen­di­ture in­vested, which re­duced the level of voids and led to higher rents and longer lease lengths.” Cord­ing was ad­vised by Col­liers In­ter­na­tional and Paloma Cap­i­tal was ad­vised by BNP Paribas.

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