DTZ Receivers has announced the sale of its second multi-million pound portfolio of distressed properties in less than a week. Yesterday we reported the real estate adviser has ordered the off-loading of a triple-asset portfolio that included two Scottish sites — the Radisson Blu Hotel on Edinburgh’s Royal Mile and The Quay Leisure Park in Glasgow — and the Park Inn by Radisson in Manchester with a combined asking price of £132.3m.
DTZ has now confirmed the sale of the “Ocean Portfolio”, a 12-site package of industrial and logistics properties across the UK with a guide price of £215m. Combined the assets are claimed to generate more than £15m in annual rent.
The package is principally made up of prime logistics and manufacturing units, with a blend of smaller asset management and around eight acres of development land.
To be marketed alongside the portfolio — and the sale’s single biggest asset — is Fradley Park, near Lichfield, which is reportedly valued at more than £100m and is made up of 13 industrial and distribution warehouses and two office buildings spread across 185 acres. Its total floorspace is 1.75-million sq ft.
Other Ocean Portfolio sites are four developments in Leeds, including Firth Court, Viceroy Works and Albion Park; two in York, including York Business Park and properties at Clifton Moor; Follingsby Park in Gateshead; the 250,000 sq ft Blackrod Trading Estate in Bolton and the 100,000 sq ft Deeside Industrial Estate in Cheshire; Swinderby Industrial Estate in Lincoln, and a large distribution unit at Swift Park in Rugby.
All the assets are part of a non-performing former loan portfolio bought by Lone Star in July, 2013, from the Frankfurt-based real estate bank Eurohypo.
