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Gent Visick sell Units A & B Centre 31, Foxbridge Way, Normanton for Valad Europe’s V+ UK Fund

wantspacegotspace.co.uk - Gent Visick sell Units A & B Centre 31, Foxbridge Way, Normanton for Valad Europe’s V+ UK FundActing for Valad Europe’s V+ UK Fund, Gent Visick have recently completed on the sale of two high quality industrial units in a deal totalling almost £4.6 million.

Units A and B Centre 31 are located off Foxbridge Way, Normanton and compromise a 32,000 sq ft unit let to British Electric Lamps Ltd and a 65,000 sq ft unit let to YESSS Electrical for their UK Headquarters and distribution facility.

YESSS Electrical is one of the UK’s newest and most exciting start-up organisations, set up by a family behind City Electrical Factors. The company have taken a 10 year lease on Unit B which is used to serve 85 new branches across the UK and accommodate their extensive expansion plans.

Gidon Amar of Gent Visick commented “We were delighted to have been involved in both the lettings and sales of Units A & B. Both tenants have exciting stories behind them which, in addition to other factors, is clearly of interest to investors.”

Rob Howe, Valad Europe’s Head of UK Real Estate, commented: “Having implemented our asset management strategy to let Unit A and Unit B, we had two assets that fulfilled the investment criteria of a number of buyers in the market. The market sector for well let, well positioned distribution warehousing stock is one which is presently very active. As such, timing for disposal was right and we secured a number of attractive offers for both units, trading both at a premium to their current valuations, which is a good result for the investors of V+ UK.”

Tom Day of Stephenson Day, who acted for the purchaser of Unit B commented, “The client was delighted to invest in such a high quality industrial unit let to an up and coming tenant. In broader terms we consider this transaction is representative of an uptick in investor appetite for the region and the sector”

Rich Gordon of Stewart Montrose acted on behalf of Langtree Group who purchased Unit A.

Posted by The Editor (wantspacegotspace) on 4th November 2013

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