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Henry Boot PLC - Sheffield-based property development and construction - Acquires multi-let industrial estate in Manchester for GBP5.8 million, the price reflecting a net initial yield of 4.1%.
The property is a 26,900 square feet industrial estate, and is let to eight tenants, including Tickmaster UK and Sky Telecommunications Services.
The acquisition will be kept in the group's investment portfolio and is part of Henry Boot's strategy of targeting industrial and logistics properties, as well as residential and urban development schemes.
"City Court is the latest in a series of strategic acquisitions in 2021 for Henry Boot. The property is situated on a 1.3-acre site which forms part of the Ancoats and New Islington Neighbourhood Development Framework presenting an opportunity for future urban residential development," said Ed Hutchinson, managing director of HBD.
Current stock price: 276.00 pence
Year-to-date change: up 8.2%
By Dayo Laniyan; dayolaniyan@alliancenews.com
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