Landmark sells £6m ground rents portfolio
BOLTON ground rents firm Landmark Investments Group has sold a portfolio for just under £6m at a yield of 3%.
The portfolio comprises of the ground rents for 1,368 properties across 33 sites including Cardiff, Bolton, Stockport, St Albans, Croydon, Plymouth, Hull, Colchester and York.
The identity of the buyer, an offshore investment company, was not disclosed.
It has retained a Landmark division, called Landmark Collections, to manage and advise on the portfolio.
Landmark directort Mark Hawthorn said: “While we are an investment company and we don’t usually sell our stock the opportunity presented the chance to sell part of the portfolio at an attractive price.
“The proceeds will allow us to regear and expand our banking facilities which will help us grow our portfolio. We are looking at a number of interesting scenarios where we can create ground rents on commercial properties and we see a big opportunity in this area.”
Landmark were advised by law firms Woodcocks Haworth and Nuttall Solicitors and TLT.