District Estates pays Morley £5.72m for industrial portfolio
Property investor the District Estates, has acquired a £5.72m portfolio of industrial properties in Manchester from Morley Fund Management.
Agents CB Richard Ellis advised on the deal, which included buildings on estates such as Trafford Park, Stone Cross Park, Golbourne and Salford. The total portfolio was acquired for a price representing a net initial yield of 7.7%.
Current tenants include insulation and roofing supplier SIG Trading, Mercedes Benz, Gas Control Equipment, The Plumb Centre, and Manchester's Museum of Science and Technology.
Simon Wood, director of capital markets at CBRE, said: "This purchase is a good example of some of the good quality opportunities that are currently available in the North West commercial property market.
"Although there is a lot of caution in the market, we are seeing increased selective demand from cash-rich investors eager to pick up good quality opportunities that represent good medium term holds."
Whitaker Horton represented Morley Fund Management.