LONDON, 15 January 2014 – CBRE Global Investors, the real estate investment company, has recently completed the sale of the Proteus Portfolio comprising four multi-let industrial estates located in the Midlands and the South East for a combined price of £23m reflecting a net initial yield of 7.7% and a Reversionary Yield of 8.1%.
The properties have been managed by CBRE Global Investors since 2010, and during this time significant value has been added following a refurbishment programme, which has led to 19 new lettings and eight lease extensions.
The four properties comprise 35 units totalling 331,000 sq ft located in strong centres with active leasing markets. The portfolio has a low void rate of 5.6% and an excellent WAULT of 9.5 years to lease expiries, and was acquired by Threadneedle Investments.
Michael Ness, Head of UK, CBRE Global Investors, said: “We are very pleased with the price achieved, which was the result of a three year strategy to reposition the assets through a refurbishment and re-letting campaign which has ultimately added value for our client”.
CBRE Global Investors was advised by CBRE on the sale. Knight Frank acted for Threadneedle.
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About CBRE Global Investors:
CBRE Global Investors is a global real estate investment management firm with $87.6 billion in assets under management* as of September 30 2013. The firm sponsors investment programs across the risk/return spectrum for investors worldwide.
CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBG), and harnesses the research, investment sourcing and other resources of the world’s premier, full-service commercial real estate services company for the benefit of its investors. CBRE has more than 34,000 employees (excluding affiliates) in more than 300 offices (excluding affiliates) worldwide. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com
*Assets under management (AUM) refers to fair market value of real estate-related assets with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice, and which generally consist of properties and real estate-related loans; securities portfolios; and investments in operating companies, joint ventures and in private real estate funds under its fund of funds program. This AUM is intended principally to reflect the extent of CBRE Global Investors’ presence in the global real estate market, and its calculation of AUM may differ from the calculations of other asset managers.