The Equiton Partnership has gone under offer to US private equity investor Westbrook Partners in partnership with Julian Rooth’s Centurion Properties for more than £200m.

Heads of terms were agreed this afternoon on the pair’s offer to buy the whole south eastern industrial portfolio of 42 properties at a price sources close to the sale said was more than £200m ‘by a decent margin’.

Westbrook and Centurion’s offer beat off competition from 11 rival bidders - three of which also offered over £200m for the whole partnership.

Bidders included AIM-listed Hansteen, Legal & General, and M7 led by Richard Croft in partnership with Richardson Capital Partners, the company set up by property entrepreneur Lee Richardson and his brother.

The partnership, which is currently 30% owned by troubled industrial REIT Brixton, 44% owned by Prupim and 26% owned by Liquid Realty, had been split into five portfolios but is being sold as a whole to Westbrook and Centurion.

It received 12 bids for combinations of the five portfolios and six bids for the whole partnership before settling on Westbrook and Centurion.

Franc Warwick is advising the vendors. Savills advised Westbrook and Centurion. None of the parties involved would comment.

Brixton’s shares were up 3% at 71p this afternoon.

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