This article is from the Australian Property Journal archive
VALAD has continued to increased its footprint in the United Kingdom and Europe with a string of purchases worth $A198.2 million.
The Teesland iOG’s Central European Industrial Fund has purchased the largest multi-let distribution and industrial facility in Warsaw, City Point, for €71.6 million on an initial yield of 6.5% and a reversionary yield in excess of 8.0%.
The site is located 6 kilometres from the city centre and comprises circa 122,000 sqm of industrial and distribution space. The acquisition of City Point brings CEIF’s total investment in Poland to circa €140 million.
And the Teesland Advantage Property Income Trust has bought an office building in Brunswick Point, Leeds in the UK – for ₤11.8 million from Clydesdale Bank plc, on a net initial yield of 7.7%.
A sale and leaseback agreement has been reached for the building, approximately half of which has been let on a 15 year lease to the current occupiers, Yorkshire Bank, a subsidiary of Clydesdale Bank which is fully owned by National Australia Bank.
TAP has also acquired a property in the Brackmills Industrial Estate, Northampton for ₤3.3 million on an income return of 6.9% and a reversionary yield in 2008 in excess of 7.3%.
The 2.93 acre Caswell Road property comprises a 3,974 sqm detached distribution warehouse.
Finally, Valad has bought the freehold interest in three industrial warehouse units at Watling Park, Daventry, for ₤11.8 million – on a net rental yield of 7.3%. The site is approximately 12.4 acres comprising one detached 6,710 sqm and two adjoining units 12,770 sqm.
Valad’s executive chairman Peter Hurley said the European team has been extremely busy in the first half of this financial year.
“These acquisitions demonstrate the team’s expertise in the European market and the drive to grow our European fund management operation. The purchase of these assets will give our newly expanded group the opportunity to demonstrate the value-adding approach from which our corporate name, Valad, is derived.
“It also underscores the positive momentum of Valad globally and highlights our ability to source acquisitions that enhance value for our entire investor base,” Hurley said.
Australian Property Journal
