Mission Capital, the AIM-listed property investor run by father and daughter Neil and Emma Sinclair, has set up a joint venture with Chelsfield Partners to buy a portfolio from CBRE Investors for £36m.
Misson is investing £1m in the deal for a 20% holding in the joint venture vehicle and will mange the portfolio in return for an annual fee. Chelsfield Partners is a partnership between Elliott Bernerd, Sir Stuart lipton and Bank of Scotland.
‘We identified this opportunity a number of months ago and have spent considerable time investigating its potential,’ said chairman Neil Sinclair. ‘One of the significant attractions of this particular portfolio is that two properties are virtually let and whilst the other two are vacant, they demonstrate considerable development potential.’
The portfolio comprises four freehold properties in Maidstone and Tonbridge in Kent, Haverhill in Suffolk and Swindon in Wiltshire, consisting of a mix of office buildings and warehouses.