Protego acquires York industrial estate for EUR 45m

Protego Real Estate Investors has announced the acquisition of the Clifton Moor Industrial Estate in York in the UK Midlands for GBP 33 mln (approx. EUR 45 mln.) on behalf of a retained client. The initial yield is over 6.5% with a 7.3% equivalent yield. Sold by British Land, the 47-acre site comprises 84 buildings, providing approximately 431,170 ft² (40,057 m2) of trade counter, industrial and office accommodation, a retail warehouse, cash-and-carry and car showroom, ranging in size from 872 ft² (81 m2) to 70,497 ft² (6,549 m2). Tenants include Network Rail, Jewson, RAC Plc, Booker and Wickes Building Supplies, with leases running to between March 2008 and March 2114. Rental income is GBP 2.23 mln (approx. EUR 2.93 mln) annually, equating to GBP 55.75 (EUR 73.31) per m[sup]2[/sup].

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