Leslau eyes industrial estates

A property fund set up by the investor Nick Leslau to take advantage of depressed commercial property prices, is in exclusive talks to buy a portfolio of industrial estates which includes sites in the North West.

Mr Leslau’s Max Property fund, which floated in May, is negotiating over the purchase of 79 sites owned by the London-based Industrious group.

The portfolio came onto the market in April after the collapse into receivership of Industrious’ holding companies Dunedin Property Capital Fund and Dunedin Property Industrial Fund (Holdings).

In a statement Max Property, which is in talks with the receiver Ernst & Young, said due diligence was well advanced and it expects to make a further announcement within two weeks.

The annual rental income of the estate is estimated to be around £30m. Max Property has not disclosed a deal value but the portfolio is understood to be worth around £200m.

According to Industrious’ website it has 22 locations in the North West. Most of them are located across Greater Manchester but there are also sites in Burnley and Crewe.