IOAM, the UK industrial investment manager, has sold the final 32 multi-let industrial estates within its ‘IO2’ vehicle to Westbrook Partners for £140m.
The remaining assets within the Joint Venture were brought to the market by way of two separate portfolios, Lighthouse & Beacon, last November on behalf of its principle investors Grosvenor and Quilvest.
The portfolios produce an annual income in excess of £9.5m and encompass more than 2.1m sq ft of space across 354 units.
Angus Scott Brown of IOAM commented;
We launched IO2 in 2015 following on from the success of our ‘IO1’ JV with Grosvenor, again with a mandate to generate attractive risk-adjusted returns in excess of the wider market by utilising our depth of experience within the UK industrial sector and strong asset management credentials.
Since acquisition our pro-active management approach has enabled us to reduce portfolio vacancy from 16% to 5%, and to increase contracted income by 24%. We are delighted that this successful sale, at a substantial premium to valuation, has allowed our investors to crystallise returns both sooner than anticipated and significantly in excess of business plan.
Gerald Eve advised IOAM on the sale.
IOAM is a privately-owned UK Real Estate Investment Management business, with an established track record in the UK industrial sector.
IO partners with both private and institutional investors, utilising its specialist skill-set and sector expertise to deliver outperformance and superior income-led returns for its investors.