Tritax/Cedarwood buy in Lancashire

Tritax Industrial 1 LP, a new joint venture between Tritax and Cedarwood Asset Management, has acquired a 106,000 sq ft industrial building in Chorley from Mirel-Rotch Investments.

The building sits on 8.9 acres on Carr Lane and is let to Telent Technology Services on a 99-year lease with 56 years unexpired. The value of the deal was not disclosed.

Cedarwood will asset manage the holding going forward. The JV is the first in a series of Tritax / Cedarwood limited partnerships seeking to acquire around £100m of assets in 2010/11 with the objective of generating returns in excess of 12% a year.

Anthony Wyld, head of marketing at Tritax, said: "The opportunity remains to acquire assets for 20-30% less than their value of three years ago, in an exceptionally low interest rate environment. With Cedarwood's 'added value' total returns of over 12% are possible even in the event of a lacklustre economic recovery."

Colliers CRE acted for Tritax / Cedarwood and James Andrew represented the vendor, Mirel-Rotch Investments.

Mike Walker, head of the Manchester office of Colliers CRE, said: "The industrial investment market in the North West is certainly beginning to show signs of improvement with the supply of quality investments very tight."

Your Comments

Read our comments policy here

Subscribe to our newsletter