A multi-let industrial property company has acquired two industrial assets in sale-and-leaseback deals for £4.7 million.
The acquisitions reflect a combined net initial yield of 7.2 per cent and expand Sandyford Properties’ multi-let industrial portfolio in Stoke-on-Trent and Cheshire.
The Stoke-on-Trent-based company has acquired units 6-7 at Festival Trade Park from TCS John Huxley, a manufacturer and supplier of live gambling products and solutions.
The property has been let back to the company for 10 years, with the deal taking the number of units at the Stoke-on-Trent park owned by Sandyford Properties up to seven.
It follows on from Sandyford purchasing a 6,785 square feet unit at the same estate from Xtrutech Limited in a sale and leaseback transaction at the end of last year, as reported by Daily Focus.
The second property is at Astmoor Industrial Estate in Runcorn, which has been acquired from Coral Products and is occupied by Coral subsidiary, Alma Products, a thermoforming and container printing company.
It has been leased back on a 15-year lease.
Sandyford acquired 12 units, totalling 67,149 sq ft, at the estate in December last year.
Talking about the latest acquisitions, Paul Brindley, Managing Director of Sandyford Properties, said: “These transactions reflect our strategy to acquire robust, purpose-built industrial assets to grow our multi-let industrial portfolio.
“Both Festival Trade Park and Astmoor Industrial Estate are sites where we already have an established presence, and these acquisitions improve our holdings in these key markets.”
