The property has been owned for many years by Brixton and was transferred in 1999 into the Woodside Limited Partnership, a joint venture owned 30% by Brixton and 70% by Equitable Life. It has now been bought by a special-purpose vehicle formed by Moorfield and Westbrook Partners in a deal that reflects a net initial yield of 7.2% based on the passing income of £7.25 million per annum .
Brixton's Chief Executive, Tim Wheeler, said: 'We created the partnership in 1999 as a response to our wish to sell down our 100% ownership of this estate which had been developed by Brixton from the 1970s onwards together with Equitable's desire for more industrial exposure at that time. It was always intended that this was a step towards further disinvestment given our stated preference to concentrate more on those areas of Greater London - Heathrow, Greenford, Park Royal etc - where we continue to be able to demonstrate outperformance."
King Sturge acted for the vendor with Insignia Richard Ellis acting for the purchaser.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
