Russell-Cooke's real estate team has advised The ACT Foundation (ACT) on the sale of an industrial portfolio of ten leased properties to the LondonMetric group, a FTSE 250 REIT.
Long-standing client ACT is a charity which provides grants to support people living on low incomes who have a physical and/or mental disability or the elderly. Their income is derived through property interests.
The sale portfolio consists of nine urban logistics assets totalling 340,000 square feet as well as a retail store. It generates income of around £2.6 million per annum and is let to strong tenants including Ceva Logistics, DSV, Jewson, Vodafone and Wickes.
The sale was completed quickly, with exchange taking place within two weeks of terms being agreed. The transaction completed on Friday, 22 June 2018.
The Russell-Cooke team was led by real estate partner Howard Swindall, with support from Rachael Rigamonti, Steven Faragher, Oliver Neasham, Sam Thorne, Katherine Chambers and Mark Child.