Property investor raises £15m with sale of industrial units

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Property investor Custodian has raised £15m with the sale of two industrial units.

A vacant unit in Warrington achieved £9.0m, which was a 61% premium on its end of year valuation, although planning permission had recently been secured to redevelop the site.

An industrial unit in Weybridge acquired in 2019 in a sale-and-leaseback portfolio deal with Menzies Distribution has been sold for £6.0m.

Leicester-headquartered Custodian specialises in smaller regional properties across the UK.

Richard Shepherd-Cross, managing director of Custodian Capital, which is the company’s external fund manager, said: “Whilst planning consent has been received to redevelop the Warrington site we believe that, due to a lack of occupier demand and the ability to crystallise a substantial profit for our shareholders, now is the best time to sell.

 link source - The Business Desk

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