CoStar: APAM sells Byfleet business centre to Hermes

This article originally appeared on the CoStar website at: http://www.costar.co.uk/en/assets/news/2017/May/APAM-sells-Byfleet-business-centre-to-Hermes/
APAM, an independent investment and asset manager operating solely in the UK market, has sold Trackside Business Park in Byfleet, Surrey to Hermes – Metro Unit Property Trust, for £9.225m, reflecting a 5.09% net initial yield.
The business centre in Byfleet was bought for £7m as part of a portfolio on behalf of one of APAM’s private equity clients in 2015.
The asset comprises a multi-let modern industrial estate totalling 63,416 sq ft.
APAM had completed a number of lettings and lease renewals increasing the rent roll and WAULT significantly before arranging the sale through specialist firm, Farino Cole.
“We are pleased with the performance of this investment as it demonstrates our reputation for successful asset management and exit execution strengthened by the team’s experience of assessing business plan strategies against prevailing market conditions. We continue to seek further investments with prospects to add value by utilising our expertise in active asset management.” said William Powell, director at APAM.
APAM’s investment team is proactively targeting on and off market commercial real estate opportunities to expand its existing portfolio of £1.3bn of assets under management.

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