Latest Acquisition for Cordatus Property Trust
LONDON, 12 March 2019 – Cordatus Property Trust (“CPT”) has acquired a Selco Trade Centre unit in a prime location in Wythenshawe, Manchester, as its latest addition to the fund.
The Cordatus Property Trust is a programmatic venture between CBRE Global Investment Partners (CBRE GIP) and Cordatus Real Estate (Cordatus).
Cordatus purchased the unit on Timpson Road, Wythenshawe, from IGP Investments Ltd for £3,000,000. The price reflects a net initial yield of approximately 6.9%.
In line with its development of a ‘best ideas’ portfolio spanning across the UK, Cordatus has acquired the long leasehold on the Wythenshawe site which is let to Selco with nearly 8 years left on the lease. It trades as a successful trade counter warehouse for building materials trade and business customers.
Andrew Murray of Cordatus said: “This is a very well-located site with a good tenant in one of the most established estates in south Manchester. The purchase adds another well-let asset with an attractive income stream and good growth prospects to our expanding portfolio and we see a real opportunity here. We are continuing to apply proven investment knowledge to deliver above-market returns and are on the lookout for more assets.”
Cordatus has purchased the long leasehold for the Selco Trade Centre site. The lease involves 5-yearly, rent reviews. The property is a modern detached unit comprising approximately 36,328 sq ft. with a 50-space car park.
Ereira Mendoza and B8 Real Estate acted for Cordatus. Whitmarsh Holt Young acted for the vendor.
Cordatus and CBRE GIP launched the Trust in December 2015 and had an initial funding of £150m. The Trust has now deployed approx. £178 million and continues to seek opportunities to invest in line with its investment strategy.
The vehicle is primarily 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.
About Cordatus Real Estate (“Cordatus”)
Cordatus is a UK asset and development management specialist. Cordatus is fund manager for the Cordatus Property Trust, a recently-launched property fund focusing on sub £15m lot sizes across all sectors and regions of the UK property market. The fund has initial capital to invest of £150m.
Cordatus also specialises in the work-out of distressed portfolios and uses its specialist skills in partnering with institutional investors on selective opportunities.
Cordatus operates out of offices in Edinburgh, the Midlands and London. Our five property directors have over 130 years of asset and development management experience between them, largely within leading fund management and development companies. The directors are Tom Laidlaw, Michael Cunningham, Mike Channing, Gavin Munn and Paul Blyth.
Cordatus’ expertise is focused on asset management and value creation through the accumulated 130 years experience of its principal directors.
Media information, contact:
Ben Copithorne or Richard Pia
Phone: + 44 207 636 7366