Forsters advise on portfolio sale and leaseback
As reported in Property Week, Forsters has acted on behalf of clients of Investra Capital as purchaser in relation to a Travis Perkins portfolio sale and leaseback.
The eight properties comprised in the portfolio are located across the country in Bridgwater, Burgess Hill, Christchurch, Corby, Halifax, Midsomer Norton, Norwich and Stowmarket. Seven of the units are Wickes DIY stores with the remaining property being a Travis Perkins trade unit.
The purchase price for the portfolio was £37.8 million, with each lease being granted for a term of 15 years at initial rents ranging from £9 to £15.5 per square foot.
Martin Waller of Investra commented: “We are delighted to have completed this transaction with Travis Perkins. The portfolio offers our investors stable income, secured against a strong covenant, with geographical diversity and good growth potential.”
Commercial Real Estate partner, Andrew Crabbie, advised on the transaction, assisted by Hannah Rickard, Genevieve Loveland and Anthony Goodmaker. Richard Spring advised on construction matters.