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Malt Portfolio Sells in £27m Deal

A collection of Scottish industrial assets known as The Malt Portfolio has been sold to Manchester based David Samuel Properties recording one of the largest industrial investment transactions in Scotland this year. 

The portfolio had been built up over the last 6 years for clients of industrial specialist Cedarwood Asset Management.  The portfolio comprises 8 assets including industrial, trade-counter and motor-trade property providing 409,000 sq ft of accommodation, it had only a 4% vacancy at the point of sale with a term certain WAULT of 4.93 years.  The rent roll is in excess of £2.38m per year providing a portfolio yield of approximately 8.25%.

Property consultants Galbraith and MWM Property Consultants acted jointly on the sales mandate with legal advice provided by the real estate team at DWF.

Jamie Thain, investment Partner at Galbraith commented:

The Malt Portfolio provides geographical diversification across Scotland, with each property presenting strong fundamentals and opportunities.  The portfolio captured the attention of investors from around the globe and demonstrates the continued strong demand for the industrial property sector.  The portfolio provides scale and an attractive industrial property yield when compared to single let industrial or distribution assets, especially those in southern England.

The transaction is the final stage of a £33m investment disposal programme, following execution of an asset management plan.  Galbraith and MWM Property consultants have sold 3 other assets on behalf of Cedarwood Asset Management in the last 6 months, these properties having characteristics and liquidity more suited to individual sales.