UBS with asset manager Canmoor has bought the 680,000 sq ft Stakehill Industrial Estate in Middleton from CEG, and is understood to have paid around the asking price of £44m.
CEG put Stakehill on the market in May for £44.25m, equating to a net initial yield of 6.75%, allowing CEG to double its money since it bought the estate from Aviva Investors in 2012.
The impending sale of Stakehill has caused a stir in the North West’s industrial market, with the high asking price seen as demonstrating confidence in the warehouse sector.
Stakehill is one of the largest industrial estates in the North West, adding to its appeal to funds which normally only acquire assets of scale, and may be looking for value for money outside the over-heating South East.
At the time of putting the asset on the market, Paul Richardson, CEG’s investment manager, said Stakehill had “enormous potential for rental performance”.
WHR Property Consultants and Savills are the joint agents at Stakehill. Canmoor will operate the estate on behalf of UBS.
All parties were unavailable to comment this morning.