IM sells off properties
Warwick-based IM Properties has sold a portfolio of properties to Fidelity International’s real estate fund for £22.7m. The acquired sites are located across the Midlands and include industrial and office buildings.
Comprising 250,000 sq ft of accommodation, the buildings are currently let to 13 tenants including Severn Trent, Allied Dunbar Insurance and Staffordshire Police, with a total passing rent of £2.1m.
About 60 per cent of the income is from industrial assets including 70,000 sq ft at Birch Coppice Industrial Estate in Tamworth, 78,000 sq ft at Cyan Park in Coventry and 42,000 sq ft at the IO Centre in Coventry.
The remaining income is from office accommodation, including 18,000 sq ft at Etruria Valley Office Village in Stoke on Trent, 36,000 sq ft at Cross Point Business Park in Coventry and 7,000 sq ft in Stratford upon Avon.
Fidelity International has offices in Peterborough and Kent.
Alison Puhar, portfolio manager for Fidelity's UK Real Estate Fund, said that the properties “add diversification” to the fund’s UK portfolio.
GVA Grimley’s Birmingham investment team advised the purchaser. Jones Lang LaSalle’s Birmingham team advised vendor IM Properties.
