APAM Delivers ‘Titan’ Profits in Scotland

APAM has arranged the sale of the Morrisons Supermarket at St Vincent Place, Lanark for £5.65M representing a net initial yield of 5.77% to clients of Aprirose Real Estate Investment Management.
The property totals 22,744 sq ft and is let to Wm Morrison Supermarket plc for 25 years at £345,000 pa from 16 October 2015.  APAM concluded the lease renewal prior to marketing the property for sale.  The new lease has upward only RPI reviews every 5 years with increases capped at 3% and collared at 1%.
In addition, Bridgend Industrial Estate in Kinross comprising 11 units with a total area of 29,520 sq ft was sold to the tenants for £1.014M.  The property had a total passing rent of £71,775 pa reflecting a net initial yield of c. 6.7%.  Both properties formed part of the Titan portfolio which was acquired in January 2015 for in excess of £250M by APAM on behalf of clients.
William Grenfell, Senior Asset Manager at APAM commented, “The sale of these assets produced a profitable exit on behalf of APAM’s clients following significant added value asset management activity on both assets.  We are delighted with the results which exceed original expectations.”

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