MAX Max Prop

 
TIDMMAX 
 
MAX PROPERTY GROUP PLC 
 
 
MAX PROPERTY GROUP AND ORCHARD STREET AGREE  GBP30M INDUSTRIAL TRANSACTION. 
 
Orchard  Street Investment  Management, representing  a Pension  Fund client has 
acquired  for  GBP30.5m the 370,000sf Castle Industrial  Estate, High Wycombe in an 
off-  market  transaction.  The  vendor  was  Max  Property Group plc advised by 
Prestbury Investments LLP. 
 
The  estate, which formed part  of the Industrious Portfolio,  is let to tenants 
including John Lewis, Geodis, Biffa and R H Amar, producing a rent of  GBP2.85m pa. 
 
The  transaction shows a  net initial yield  of 8.85%.The net proceeds are 5.6% 
above  Max's March 2010 valuation  and  GBP15.8M of  cash will be  released for new 
acquisitions after repayment of bank debt. 
 
Gary  Felce of Orchard  Street comments:  "We  are very pleased  to acquire this 
South  East  estate  which  offers  a  good  balance  of  income  and management 
opportunities in a market with limited supply." 
 
Mike  Brown of Prestbury said "Since purchase last October we have secured early 
renewal  of leases and new lettings on  over 200,000 sqft on this estate. Whilst 
we  were not seeking a disposal, with a  lot size of over  GBP30M reflecting  GBP87psf 
Castle  Estate  is  not  a  natural  fit  with  the remainder of the Industrious 
portfolio which comprises 80 higher yielding properties with an average lot size 
of under  GBP3M and acquired at circa  GBP30psf." 
 
DTZ advised Orchard Street. Max were advised by Franc Warwick. 
 
20 Setember 2010 
 
ENQUIRIES: 
 
 
 Orchard Street Investment Management   Tel: 020 7494 8862 
 
 Gary Felce 
 
 
 
 Prestbury Investments                  Tel: 020 7647 7647 
 
 Mike Brown 
 
 
 
 College Hill                           Tel: 020 7457 2020 
 
 Gareth David 
 
 
 
 
 
 
[HUG#1445500] 
 
 
 
 
 
 
 
 
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     originality of the information contained therein. 
 
Source: Max Property Group plc via Thomson Reuters ONE 
 

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