Cordatus splashes £45m on Mercor portfolio
Cordatus Property Trust has acquired 33 trade counter units let on long leases to Travis Perkins for £45.4m from Avignon Capital and Riverside Capital.
The price paid for the collection of units known as the Mercor Portfolio represents a net initial yield of 5.35%.
The units provide a total of 432,292 sq ft of space across more than 41 acres throughout the UK.
Cordatus Property Trust has acquired 33 trade counter units let on long leases to Travis Perkins for £45.4m from Avignon Capital and Riverside Capital.
The price paid for the collection of units known as the Mercor Portfolio represents a net initial yield of 5.35%.
The units provide a total of 432,292 sq ft of space across more than 41 acres throughout the UK.
Cordatus Property Trust was launched in December 2015 by CBRE Global Investment Partners and Cordatus Real Estate and is exclusive to CBRE GIP investors. It primarily targets investment opportunities in the UK’s regional markets.
Cordatus director Michael Cunningham said: “This is a substantial acquisition for the Cordatus Property Trust – our largest to date – and offers very attractive, long-term value.
“It’s an opportunity for us to deploy our specialist skills to manage, re-gear and potentially redevelop the assets in line with our strategy of delivering an attractive income return to our investors with potential for capital growth.”
Alex Bignell, region head of UK, CBRE GIP, added: “This portfolio purchase takes the total value of the CPT portfolio to approximately £175m, demonstrating the ability of Cordatus as one of our exclusive programmatic ventures to achieve size while remaining focused on the quality of assets acquired.”
HSM acted for Cordatus and JLL acted for Avignon Capital and Riverside Capital.
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