BNP Paribas Real Estate has completed the sale of the Griffin Portfolio, on behalf of clients of Ignis Asset Management, for £11.1m to Milton Group.
The portfolio comprises four multi-let industrial estates and one food production facility, predominantly in the South East, with a combined floor area of 200,000 sq ft. The properties are located in Waltham Abbey, Esher, Harlow, Croydon and Sutton in Ashfield.
The portfolio’s initial yield is in the region of 8.3%, with potential for uplift following the letting of vacant units at Esher and Waltham Abbey.
BNP Paribas Real Estate’s head of national investment, Paul Griffiths, said: “We received strong interest in this portfolio, which offers opportunities to increase income through asset management initiatives, including letting of vacant parts, lease renewals/re-gears, refurbishment, redevelopment and potential change of use.”
Milton Group was advised by Montagu Evans.
