OLIM Property completed the purchase for its discretionary fund management client, Value and Income Trust plc, four days after terms were agreed and solicitors instructed. Lambert Smith Hampton advised OLIM Property on the transaction.
The freehold industrial unit in Wimblington Drive Milton Keynes totals 49,309 sq ft and is let to Adelie Foods Group until 2028 with rent reviews in 2018 and 2023 to open market value, subject to minimum increases of 2.5% per annum compound.
The sale allowed Riverside Capital to achieve returns for investors ahead of expectations, despite the result of the EU Referendum.
George Clark, Investment Director at Riverside Capital and Matthew Oakeshott, Chairman of OLIM Property, said: “This deal in only four days shows, in a post referendum environment, that assets with long-dated income with fixed increases remain highly desirable investments.
“With the yield gap between bonds and property at record levels, this transaction demonstrates how secure income from commercial property continues to provide a very attractive alternative to investors.”