Stonehill Partners are very pleased to have advised LaSalle Investment Management on an industrial disposal; press release below.
LONDON (January •, 2018) –- LaSalle Investment Management (“LaSalle”), the global real estate investment manager, has successfully sold a distribution warehouse in Milton Keynes, let to Hitachi Power Tools (U.K.) Limited, for £6.05 million, reflecting a 5.40% NIY.
The 1980s unit is Hitachi Power Tools’ sole distribution centre in the UK, totalling 55,773 sq. ft. on a site extending to 6.04 acres. The site was acquired by LaSalle in 2013 for £2.65 million. Under their ownership, LaSalle extended the lease by 10 years and achieved a rental uplift of almost 10%, having been advised by Canmoor.
Tom Hill, Fund Manager at LaSalle Investment Management said: “We acquired this asset in 2013, due to the property lending itself to both future redevelopment for last mile industrial space or to lease extension. We were pleased to extend the lease and subsequently sell the property at a price that translates to a strong return for our pension fund client.”
Will Davies, Partner at Stonehill Partners, commented: “We are extremely pleased to have advised LaSalle on this sale. Having personally been involved with this purchase, it is hugely rewarding to see value creation demonstrated. The property was originally acquired in a changing market where foresight and commitment was required and this has clearly paid off for our client.”
Stonehill Partners advised LaSalle on the sale and Michael Sharron & Co. advised their private investor client.