Red Kite has purchased for private equity a distribution warehouse on Opal Way, Stone, Stafford. The property, comprising 130,000 sqft, is let to Hextone Limited as their headquarter distribution warehouse. The income is secured until 2021 at a rent of £614,000 p.a.
Lewis Ellis acted for Red Kite in the purchase and Dowley Turner Real Estate acted for the vendor Orchard Street.
RBS has provided the bank debt and cash returns on equity are 15% p.a.
