Cordatus Real Estate acquires 45,660 sq. ft. at Newbridge Industrial Estate in Bristol and a further two prime retail units (totalling 13,685 sq ft) at 82-84 St Ann’s Road, Harrow. Please see below for recent press release from Co-Star:
Cordatus buys in Bristol and Harrow
By James Buckley – Tuesday, May 03, 2016 15:11 E-mail / Print
Cordatus Real Estate has announced its latest acquisitions under the recently formed Cordatus Property Trust.
Cordatus has invested a further £7m in commercial assets where it sees income and asset management potential in line with its core strengths of generating value from underperforming assets.
Cordatus has acquired 45,660 sq ft at Newbridge Industrial Estate in Bristol (Units 6 and 7), paying £2.54m, reflecting an 8.% NIY.The premises were purchased from a private vendor and the units are occupied by DS Smith Packaging. Edwards & Co and Colliers acted for Cordatus.
In Harrow, Middlesex, Cordatus has acquired two prime retail units (totalling 13,685 sq ft) at 82-84 St Ann’s Road (HA1), paying £4.67m (at 5.74% NIY). The units were sold by Longmead Capital and are occupied by Mothercare and Carphone Warehouse. Lewis Ellis acted for Cordatus and ADS Real Estate Advisers acted for Longmead Capital.
Michael Cunningham, Director at Cordatus Real Estate, said: “This latest double acquisition is another important move as we deploy capital from the Cordatus Property Trust into assets where we see substantial potential. Consistent with our Lion Portfolio purchase and investments to date, both of these deals in Bristol and Harrow offer an attractive income yield and asset management opportunities. “We continue to build momentum with the new Trust vehicle and are focused on bringing more opportunities into the fund as quickly as possible.”
In December 2015, Cordatus announced the creation of Cordatus Property Trust in conjunction with CBRE Global Investment Partners – with initial funding of £150m the vehicle is targeting investment opportunities in strong micro locations, primarily in UK regional markets, with typical lot sizes of between £3m to £15m, to generate above market income distribution.