LONDON-Industrial specialist Brixton Estates has sold euro 671 million ($851.7 million) of property to Dunedin Property Ltd. The portfolio comprises 5.7 million sf in 1,100 units with current rent in excess of euro 39.41 million ($50.31 million) per year.
Group officials said it made the disposal to focus on its core portfolio, particularly in west London, and on Trafford Park near Manchester and its Heathrow Big Box and Equiton joint ventures. Brixton also said it planned to dispose of about euro 87.61 million ($111 million) of its "Industrious" property portfolio over the next few months, including the Vaughan Trading Estate in Tipton, Birmingham, which is worth more than euro 58 million ($74 million).
"We are confident about the prospects for Greater London with more enquiries and lettings, falling availability, a dearth of new supply and a resurgence, prior to the completion of Terminal 5, at Heathrow," chief executive Tim Wheeler says.
Brixton is the UK's largest quoted industrial specialist and widely tipped by analysts to seek REIT status. The company has welcomed the government's proposed legislation but has gone on the record as saying it will not make a final decision until it has seen the "all the relevant legislation."
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