Project Partridge

National

Opportunity

Two investment vehicles established in 2011 and 2013 to acquire smaller, higher yielding multi-let industrial estates. 38 estates, extending to 3.18 million sq ft, were acquired across the country for a total cost of £165m; a yield of 9.4% with a 12% vacancy rate.

Both vehicles were sold to a UK private equity firm in December 2014 for a combined £226m; a yield of 6.85% with a 5.5% vacancy rate.

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