Red Kite has successfully completed the sale of 130,000 sq. ft. strategic distribution warehouse, let to Hexstone Limited, to Helical Bar.
The purchase price was £7.7m with a rent roll of £614,000. The sale reflects an investment yield of 7.5%.
Red Kite has recently capitalised on its strategy of purchasing distribution warehouse units in excess of 100,000 sq. ft. two years ago.
Their private equity clients have benefited from the yield compression and demand from property companies and institutions seeking higher yields that have been seen in this sector.
Simon Lewis of Lewis Ellis & Co acted on behalf of Red Kite and the deal was done directly through a director of Helical Bar.