Credo Properties International Limited
Sale of Sainsbury’s Warehouse for £16.65m - November 2009
We are pleased to announce that contracts were exchanged on
12 November 2009, to sell the company that owns a distribution warehouse (Coventry, UK) let to Sainsbury’s Supermarkets Limited.
The transaction, which is due to complete on 27 November 2009, values the property at £16.65m (net yield of 6.74%) resulting in an IRR of over 40%. The property was acquired by the company on 19 December 2008 at a price of £13.5m (net initial yield of 8.3%).
The sale is viewed as especially impressive considering the difficult market conditions over the past year.
Credo Properties III Ltd (“Fund III”) has a 33% interest in the company being sold (representing 8.5% of the initial equity raised by Fund III) with the balance held by clients of the Credo Group.
For further information on Fund III or Credo’s other investment opportunities please contact your Relationship Manager on
+44 (0)20 7968 8300 or email us at info@credogroup.com
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+1 (441) 292 2487 www.credogroup.com
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