Charities Property Fund buys two, sells two

Finance | Gareth Jones | 26 Nov 2010

The Charities Property Fund has bought two industrial units for a combined £12.3m and sold two other assets for £15.2m.

One of the industrial units purchased is in Porchester, Portsmouth, and cost £6.98m. It is let to SMR Automotive Mirrors and reflects a net yield of 9.4 per cent on the purchase price of for an unexpired term of nine years.

The other, in Nottingham and bought for £5.34m, is let to Turbine Surface Technologies and produces a net yield of 8.0 per cent on an unexpired lease of £16.5 years.

One of the sales was an industrial unit in Peterborough for £6.7m, which made a £1.2m or 21 per cent profit on the original purchase price, while a retail parade in Worthing was sold for £8.48m, 3130k above the most recent valuation.

Harry de Ferry Foster, fund director of the Charities Property Fund, said: “Both of the purchased assets are let to tenants rated as very low risk by Experian and are modern manufacturing facilities in which the tenants have invested significantly in technology, demonstrating their commitment to the properties.

“The uplift we made on the Peterborough asset represents a very successful example of active asset management.”

Directory: Cordea Savills LLP

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