Three industrial properties in the Midlands - valued at a total of £13.2 million - have changed hands in deals handled by King Sturge on behalf of London-based Protego Real Estate, which specialises in investment management and business development on behalf of institutional and private investors in property.
Jonathan Ward, a senior surveyor in the King Sturge investment team in Birmingham said that they had advised on the acquisition of two properties, at Leamington Spa and Leicester, for Protego's West Midlands single-let industrial fund.
The third property in Rugby was sold by King Sturge to the fund on behalf of another client, F & C. He added: "We were convinced of Protego's ability to perform within restricted timescales - and we were proved correct as all three deals were completed within a month."
King Sturge advised Protego on the purchase of a distribution warehouse unit located in Leamington Spa.
The 54,737 sq ft unit was let to WH Smith for approximately seven years unexpired. The property was purchased for more than £4 million, which equated to an initial yield of 6.4 per cent.
The second purchase was a prime distribution unit at Meridian Business Park, Leicester.
The unit, which dates back to 1985, is 97,416 sq ft in size and was let to JP Boden & Co on a lease through to 2012.
On behalf of F & C, which acted on behalf of Friends First UK Commercial Property, King Sturge sold 18 Gladiator Way, Glebe Farm Industrial Estate, Rugby to the fund. The 55,431 sq ft property was let to CPK Auto Products with surety from Pirelli for another four years.
The deal was agreed at just over £2.4 million, which reflected a net initial yield of sub eight per cent.
