UK property asset manager Capital & Regional has sold an 80% stake in its £180 mln (EUR 235 mln) FIX trade park fund to a consortium led by Paradigm Real Estate and the Bank of Scotland. The investors paid close to £55 mln for an 80% stake in FIX, which owns about 50 trade parks with a total of 93,000 m[sup]2[/sup] of space.
UK property asset manager Capital & Regional has sold an 80% stake in its £180 mln (EUR 235 mln) FIX trade park fund to a consortium led by Paradigm Real Estate and the Bank of Scotland. The investors paid close to £55 mln for an 80% stake in FIX, which owns about 50 trade parks with a total of 93,000 m2 of space.
Paradigm Real Estate Managers and Capital & Regional will asset manage the portfolio jointly. Paradigm and Bank of Scotland Corporate are already represented in the Trade Park sector with a £55m portfolio of assets located across the UK. Capital & Regional said this portfolio will be managed with the FIX portfolio 'to achieve scale economies in management and market presence'.
Capital & Regional said the proceeds of the sale will be used to pay down £35 mln of its core debt facility.