Columbia Threadneedle has acquired the Network North Portfolio from Investment and development company Network Space, for £41.9m. The portfolio comprises a Grade A multi-let industrial portfolio in the north of England. The 630,000 sq ft portfolio consists of 17 locations in Yorkshire and Lancashire with 60 tenants. The rent roll is £2.85m, reflecting a net initial yield of 6.37 per cent.
The portfolio is 92 per cent let and of Grade A quality. Most of the assets were constructed by the vendor since 2000 and managed in house by its specialist teams.
Columbia Threadneedle were represented in the acquisition by Simon Wood of B8 Real Estate S and Garry Howes, whilst The Leeds office of Knight Frank were represented Network Space.
Graham Foxton, of Knight Frank, who handled the disposal commented: “The deal is a significant one for the region and shows the strength of the industrial sector in this part of the country. The portfolio is a rare commodity given that it comprises 100 per cent quality industrial buildings of excellent quality. Multi-let industrial is an attractive sector in the country and this proves that the North can – and does – compete with the South”
Richard Ainscough, Managing Director at Network Space added: “We took the decision to sell these assets so that we can accelerate the speculative development of our new industrial property. We will also continue to invest in our Asset Management platform so that we can continue to get the best out of our retained investments and those of our investor partners. We have an excellent team at Network Space, specialists with a true wealth of experience in the development, investment and management of industrial property.”
Columbia Threadneedle declined to comment.
Stephen Woodall of FDR Law acted for Network Space and Addleshaw Goddard acted for Columbia Threadneedle.