PIN Properties sells Manor portfolio for £6.2m
B8 Real Estate, acting on behalf of PIN Properties, has completed the sale of the Manor portfolio.
The portfolio comprises 137,500 sq ft of industrial accommodation across nine units in Manor Park, Runcorn and was sold to London and Associated Properties for £6.2m.
Phil Meakin, at PIN Properties, said: “Having completed our asset management strategy on the portfolio, including a planned refurbishment programme and the letting of vacant units, we felt that the time was right to sell the asset.
“As a business, our focus is now on our development pipeline and single let schemes and we are now on site at Rugby Business Park, Chadderton.”
John Burrows, at B8 Real Estate, said: “B8RE have been involved with these assets since PIN’s acquisition and it has been great to see the business plan through to a successful conclusion on the back of securing a number of new lettings across the portfolio.
“The asset management work undertaken by PIN Properties has been reflected in the price achieved for the portfolio, which also re-affirms continued strong investor demand for well let assets within established industrial locations such as Runcorn.”
Pin Properties was advised by B8 Real Estate and Kuit Steinart Levy LLP.
London and Associated Properties was advised by Rowley Hughes Thompson and Pinsent Masons.