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LONDON- property investment and active management company Ashtenne Holdings has sold the freehold of Lyne Hill Industrial Estate, Penkridge, Staffordshire, to UBS Triton Property Fund for £10.9 million ($18.2 million) in cash.

Built in the 1970s, the estate provides 540,390 sf of space in seven units on a 23.25 acre site. It is let on five leases and the principal tenant is distributor Lex Transfleet. Current income is £418,000 ($697,000) a year. Some 365,000 sf is currently vacant.

The estate is a part of the portfolio that Ashtenne acquired from Ascot Holdings in 2001.Ashtenne joint chief executive Ian Watson said: ‘We are pleased with this sale which adds to the excellent returns achieved to date from the Ascot purchase.’

Ashtenne has also exchanged contracts to sell the Swedish portfolio it had acquired as a sale-and-leaseback from electrical parts distributor Rexel Group in March this year. Kungsleden AB is paying SEK240 million ($30 million). The properties produce a current income of SEK 27.6 million ($3.5 million) a year.

Ashtenne spent £27.88 million ($46.5 million) buying the Rexel portfolio, which included another 29 properties across the UK and continental Europe.

Ashtenne’s other joint chief executive Morgan Jones commented: ‘The acquisition of the Rexel portfolio was an opportunistic buy. We acquired it in March, with the intention of achieving early sales which we are pleased to have achieved in a short timescale at a profit to book value.’

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