CBRE Global Investors sells £40m sheds portfolio

CBRE Global Investors has sold a £40m sheds portfolio to Kames Property Income Fund. The Cedar Portfolio totals 366,943 sq ft of industrial and trade counter space. It includes nine multi-let trading estates and three single warehouses. The assets are spread across Aberdeen, Birmingham, Brighton, Bristol, Didcot, Exeter, Farnborough, Northampton, Norwich, Tewkesbury and Witney. More than 30% of the portfolio is based in the South East, a region which is anticipated to benefit from rental growth of 3.2%. Featuring 54 units with 45 tenants, the portfolio generates a passing rent of £2.5m pa, providing a net internal yield of 5.85%. Allsop acted for the purchaser, Kames Property Income Fund, and Knight Frank acted for the seller, CBRE Global Investors. Jeremy Hodgson, partner at Allsop said: “The portfolio provides an excellent opportunity to deliver immediate asset management gains by implementing rent reviews and improving lease terms in one of the most popular sectors of the market.” To send feedback, e-mail anna.ward@egi.co.uk or tweet @annaroxelana or @estatesgazette