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TFT advises Legal & General on acquisition of circa £116 Million Fix portfolio acquisition

wantspacegotspace.co.uk - TFT advises Legal & General on acquisition of circa £116 Million Fix portfolio acquisitionLegal & General Property, advised by independent property and construction consultancy Tuffin Ferraby Taylor (TFT), announces that it has purchased the FIX portfolio, the largest collection of trade parks and trade counter properties in the UK, from a consortium of investors represented by Paradigm Real Estate Managers.  The portfolio was acquired for a total consideration of £115.9 million, representing a net initial yield of 8.7%.

The FIX portfolio consists of 48 trade parks, located across the UK, with 34 multi-let industrial/trade estates and 14 stand-alone industrial/trade properties.  TFT project managed the production of Technical Due Diligence reports on the 273 trade counter and builders’ merchants units included within the portfolio, totalling over 1.6 million sq ft. The reports were produced, by 42 surveyors and environmental consultants, within two weeks of receiving instructions and provided advice on both the condition of the assets and expected future expenditure.

Paul Spaven, strategic growth partner at TFT and Project Manager on the instruction, says: “The scale and the widespread nature of the FIX portfolio, combined with the time constraints presented a major logistical challenge for our dedicated team of experts.”

Posted by The Editor (wantspacegotspace) on 15th February 2013

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