Credo Property Group Limited
Acquisition of Sainsbury’s Warehouse for £13.5m
We are pleased to announce the acquisition of a distribution warehouse in Coventry UK, let to Sainsbury’s Supermarkets Limited. The transaction closed on 19 December 2008 at a price of £13.5m reflecting a net initial yield of 8.3%. The acquisition provides strong cashflow with an average of circa 9.8% pa over 15 years.
Fund III has acquired approximately 33% of this asset with the balance being acquired by clients of the Credo Group. The investment represents approximately 8.5% of the initial equity raised by Fund III.
This acquisition illustrates the Company’s ability to source good opportunities in the current economic environment.
Fund III has to date committed just under 45% of the initial capital raised and continues to seek property opportunities
For further information on this Fund or Credo’s other investment opportunities please contact your Relationship Manager or email us at info@credogroup.com
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+44 (0)20 7968 8300 www.credogroup.com
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