Cording Real Estate Group has sold a Wigan industrial estate as part of a £20m disposal reflecting a net initial yield of 8%.
Hindley Green Business Park in Wigan, which comprises five industrial units and an office building, totalling 360,436 sq ft, was sold to a private overseas investor. Cording simultaneously sold Oxford Street Industrial Estate in Wolverhampton, totalling 114,913 sq ft, to funds managed by Blackstone and M7 Real Estate. Place North West understands the Wigan asset was valued at around £12m.
Hindley Green and Oxford Street are the final assets to be sold from a portfolio of six UK industrial estates, which Cording acquired in March 2015.
At Hindley Green, Cording let 107,800 sq ft of newly refurbished industrial space to Corenso UK and regeared a lease of 178,000 sq ft with ContiTech, part of Continental Corporation.
Adam Crickmore, fund manager at Cording, said: “The sale of the portfolio has delivered significant returns for our investors, driven by our business model of adding value through strong implementation of our business plan and proactive asset management initiatives”.
Cording was advised by Tudor Toone and Carrick Real Estate for the sale of Hindley Green. Avion Young advised the buyer.