US investor Westbrook has appointed Cortex Partners to sell the Seofon portfolio, a seven-strong collection of trade and industrial assets seeking £68.5 million and a 5.50% net initial yield.
The portfolio is located across the country in Manchester, Sheffield, Tyseley, Warwick, Bedford, Hertford and Midhurst and comprises assets assembled by Westbrook in recent years.
It is split with 54% of the income derived from the South East, 26% from the West Midlands, 9% from Yorkshire and 11% from the North West.
The estates includea single let trade counter in Tyseley near Birmingham let to Selco, Manchester Trade Park in Manchester, Budbrooke Industrial Estate, Warwick, and Harforde Court, Hertford.
Two of the estates were bought by Westbrook in 2020 as part of its acquisition of the Kestrel portfolio from Standard Life.
The portfolio comprises 417,893 square feet across 77 units. Six assets are held freehold with one held long leasehold.
It generates a headline income of £4,026,004 per annum, equating to an average rent of £9.59 per square feet. Around 20% of the income is secured to national trade occupiers
There is a weighted average unexpired lease term of 4.2 years to expiry and 3.3 years to break and the portfolio is 97.5% let.
In the teaser Cortex says there are 50 lease events within the next 3.5 years, of which 29 are lease expiries, 40% being outside the act.
It says there is a potential reversionary yield of 7.21% and a low capital value of £164 per square feet.