Lodders Solicitors’ real estate team has completed a £40 million property deal in just 11 days from heads of terms being issued.
IM Properties plc of Coleshill has sold a portfolio of ten properties to Helical Bar PLC.
The portfolio, which has a total floor area of 633,000 sq ft, includes properties in Burton-on-Trent and Rugby as well as buildings in the East Midlands, Yorkshire and the North West.
The properties have tenants which include Next, DHL and JD Sports.
The mixed-use portfolio was acquired from IM Properties plc for £40.15 million, reflecting an initial net yield of 8.35 per cent. Logistics facilities make up 80 per cent of the portfolio by value, with the rest including regional and headquarter office premises.
The deal was handled by a Lodders team led by partners Mark Lee and Nick East, head of real estate.
Mark Lee said: “We have a long standing relationship with IM Properties plc and because we understand the business we were able to turn this deal round in just 11 days from the issue of heads of terms.
“Lodders has a real estate team that combines both experience and flexibility, which enables us to respond to client requests such as this.”
Helical Bar PLC was advised by Maclay Murray & Spens LLP, and property agents Franck-Steier Price advised IM Properties plc while Tudor Toone advised Helical Bar PLC.