Manse beefs up portfolio with £12m deals

PROPERTY investor Manse has acquired a number of Scottish industrial units in two deals worth £12 million, backed by Palmer Capital.

The Edinburgh-based firm has paid 6.4m for a building at Badentoy industrial estate, Portlethen, Aberdeen, which is let to Smith International until 2026. The building will provide a 7 per cent initial yield. King Sturge acted for the seller, Threadneedle.

Manse has also acquired a 32-unit industrial estate in Bilston Glen, Loanhead, near Edinburgh, for about 6m with a net initial yield of 7.50 per cent. Tenants on the estate include Stuarts Flooring, Carpetright, Edmundson Electrical and MacSweens. Manse was represented by MWM Consultants.

David Mitchell, managing partner at Manse, said: "We are delighted to have acquired these high-quality assets, both off-market. Our Aberdeen purchase provides long-term secure income, with guaranteed rental increases, in a brilliant location.

"We are very keen on Aberdeen at the moment and it follows our 80-acre purchase of Davidsons Papermill, Mugiemoss Road, Aberdeen at the end of 2010."

He said one letting had already been concluded at Bilston Glen to Ian Murray Bike Sales at a record rent.

"Manse has an on going appetite for further deals in Scotland and we benefit from being well-funded with the ability to do such transactions," said Mitchell.

Chris Button, director, Palmer Capital, said the two transactions with Manse continue a strong run of 15 deals in two months, adding: "Our UK deal flow and access to stock is currently strong."