The Westbury Property Fund today announced it was considering offloading a ‘substantial’ part of its wholly-owned property portfolio to concentrate on its core businesses.
In its interim results posted in August, the company said it would reposition its portfolio to focus on investing in ports property. It not yet known exactly what properties Westbury will look to sell, but it is thought that much of its industrial property holdings could be put on the market.
Proceeds from the sale of its non-core assets would be reinvested in property ventures and property-based operating companies, Westbury said.
As at September 2006, the Westbury portfolio comprised 22 assets spanning the retail, office and industrial sectors across the UK. The properties, which have an average lease length of around 9-and-a-half years, are occupied by 63 tenants and have an aggregate value of £182m.