A Hemel Hempstead warehouse has been sold by asset management firm Henderson Global Investors for £6.5m.
The 88,000 sq ft building was sold to private trust clients of Mayfair–based investor CBGA on behalf of Henderson’s CASPAR fund at a net initial yield of 7.36%.
The warehouse is currently used by Atlas Copco, a Swedish industrial equipment supplier, as its UK headquarters.
The company is paying £5.75/sq ft giving a total annual rent of approximately £506,000 a year, with the next break clause in March 2013.
Rock the CASPAR
Andrew Creighton, the CASPAR fund manager, said the money raised would be pumped back into the funds remaining assets.
‘The proceeds from the sale of this property will be used to fund ongoing asset management of the fund’s existing assets with the aim of improving returns.’ he said.
Henderson, who currently manages £61.9m of assets across Europe, was advised by Griffiths Eccles.