September 4, 2012
Salmon Harvester Opportunity Fund, the £150 million fund set up by Salmon Harvester and NFU Mutual, has acquired an industrial investment in Deeside Industrial Park, Deeside, near Chester for £5.5 million, reflecting a net initial yield of 9.45%.
The 169,000 sq ft property is let to Excelsior Technologies on a 20 year lease from 2009 at a rent of £2.99 per sq ft (equating to £500,000 pa), which has a guaranteed minimum uplift at first review to £3.90 per sq ft.
Matthew Meaden, Fund Manager of the Salmon Harvester Opportunity Fund said: “This property is well let to a strong covenant and has excellent potential to provide outperformance for our investors. The deal is our second purchase this year, and it reflects the widening of our investment requirements to include high yielding long dated income.”
Salmon Harvester Opportunity Fund was represented by Hoddell Stotesbury Morgan. Cushman & Wakefield advised the vendor.