Warner Estate Holdings has sold eight-strong industrial portfolio to the Ashtenne Industrial Fund
The fund is co-managed with Morley Fund Management and the portfolio was sold for £41.85m.
The deal for the properties which total approximately 530,000 sq ft (49,238 sq m), reflected a yield of 6.4%. The portfolio includes industrial properties nationwide from Abingdon to Manchester.
Mike Stevens, property director at Warner, the listed co-investing property fund manager, said: ‘Warner’s key focus in the industrial sector is the Ashtenne Industrial Fund, which has the resources and specialist skills to generate consistent total returns through intensive asset management.’
The transaction, which results in an increase in the fund’s floor space to just above 20m sq ft (1.8m sq m), follows the purchase in November 2005 of £80m of property from Warner Estate’s wholly owned portfolio and its former joint venture with Barclays, the Bareway Industrial Fund.’