News: Symphony's Rotherham warehouse sold
Standard Life Investments Property Income Trust Limited (SLIPIT) has acquired a Rotherham distribution warehouse, currently home to the Symphony Group, in a £14.6m deal.
Symphony is one of the UK's largest suppliers of fitted kitchen, fitted bedroom and fitted bathroom furniture with a turnover exceeding £125m and over 800 employees nationwide. Supplying private developers, social housing providers, hoteliers and independent retailers throughout the UK and abroad, it has its head office in Barnsley.
The distribution site at Ickles, Templeborough includes three buildings totalling 365,911 sq ft on a self-contained 18.43 acre site. They are let to The Symphony Group Plc for a term of 20 years, with a tenant only break option at year 15 and five yearly reviews. The initial rent is £1.08mp.a. and the purchase price of £14.6m reflects a net initial yield of 7%.
Advertisement Standard Life Investments Property Income Trust Limited, a company registered in Guernsey, invests mainly in UK office, retail (including leisure) and industrial commercial property to provide an attractive level of income along with the prospect of income and capital growth.
The investor used most of the proceeds from the recent capital raise to purchase the Rotherham property.
Jason Baggaley, fund manager for SLIPIT commented "We are delighted to have exchanged on this purchase, which is due to complete on the 24th September. Following the recent purchase of a portfolio of three logistics units for £28m the company is close to being fully invested.
"We have found attractive assets that provide good quality income for the company, supporting our objective of offering an attractive dividend yield that is fully covered, and without experiencing prolonged cash drag. We are actively looking at a number of other opportunities as well."
Knight Frank marketed the Ickles site as an investment opportunity with a guide price of £13.6m.
Symphony Group website
Images: Knight Frank
Symphony is one of the UK's largest suppliers of fitted kitchen, fitted bedroom and fitted bathroom furniture with a turnover exceeding £125m and over 800 employees nationwide. Supplying private developers, social housing providers, hoteliers and independent retailers throughout the UK and abroad, it has its head office in Barnsley.
The distribution site at Ickles, Templeborough includes three buildings totalling 365,911 sq ft on a self-contained 18.43 acre site. They are let to The Symphony Group Plc for a term of 20 years, with a tenant only break option at year 15 and five yearly reviews. The initial rent is £1.08mp.a. and the purchase price of £14.6m reflects a net initial yield of 7%.
Advertisement Standard Life Investments Property Income Trust Limited, a company registered in Guernsey, invests mainly in UK office, retail (including leisure) and industrial commercial property to provide an attractive level of income along with the prospect of income and capital growth.
The investor used most of the proceeds from the recent capital raise to purchase the Rotherham property.
Jason Baggaley, fund manager for SLIPIT commented "We are delighted to have exchanged on this purchase, which is due to complete on the 24th September. Following the recent purchase of a portfolio of three logistics units for £28m the company is close to being fully invested.
"We have found attractive assets that provide good quality income for the company, supporting our objective of offering an attractive dividend yield that is fully covered, and without experiencing prolonged cash drag. We are actively looking at a number of other opportunities as well."
Knight Frank marketed the Ickles site as an investment opportunity with a guide price of £13.6m.
Symphony Group website
Images: Knight Frank
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