The sale includes The Ridgeway Distribution Centre in Iver and Parkway West near Heathrow, acquired by the Standard Life Investments Pooled Property Fund and a portfolio of 5 single-let warehouses located in the Midlands and Yorkshire acquired by Delin Capital Asset Management. The properties were acquired individually by InfraRed during 2010 and 2011 as part of a strategy to assemble a high-quality, diversified industrial portfolio. Tenants include DHL, TNT Post, Belgian Post, Quest Diagnostics and The Scotts Miracle-Gro Company.
Chris Huxtable, Director at InfraRed commented:
“We acquired these assets when investor demand for industrial properties with letting risk was low and debt funding, particularly for single-let properties, was limited. The high quality of the acquired locations combined with the asset improvements we did over the past couple of years allowed us to grow the income and extend the unexpired lease length of the portfolio. Having completed our business plans and following the recent surge in market appetite for quality industrials we took the opportunity to sell the assets to investors seeking diversified and sustainable income.”
InfraRed was advised by GVA for sales advice and Taylor Wessing on legals.