BTG Eddisons secures off-market sale of £4m Lincolnshire property portfolio
Acting on behalf of a private investor client BTG Eddisons has secured the off-market sale of the freehold interest of a number of properties across Lincolnshire to a privately owned property company.
The sale of the client’s investment portfolio – a mix of office and retail properties – was part of a planned programme of divestment.
The identities of the client and the new owner have not been disclosed by BTG Eddisons.
However James Butcher (pictured), who led the firm’s agency in the deal from its Lincoln office on Westgate, confirmed that the price achieved showed a net initial yield of around 11.3 per cent, reflecting the mix of properties within a number of different sectors and locations.
He said:
“The planned disposal of this mixed-use portfolio fell within a period when market conditions were relatively challenging. But the fact that we were able to attract and secure the off-market sale of the freehold interests demonstrates the underlying demand among investors for well let property investment stock and the confidence in the long-term value of bricks and mortar as an asset class.
“Additionally, BTG Eddisons has been retained and reappointed by the new owner to manage its newly acquired properties, thus maintaining our association with the properties and, most importantly, ensuring continuity for the tenants.”