Cordatus Property Trust (CPT) has acquired a Selco Trade Centre unit in Wythenshawe, Manchester, for £3m.
Cordatus purchased the long leasehold from IGP Investments Ltd. The unit is currently let to Selco with just under 8 years left on the lease, trading as a warehouse for building materials. The property is a modern detached unit comprising approximately 36,328 sq ft with a 50-space car park.
Andrew Murray of Cordatus said: “This is a very well-located site with a good tenant in one of the most established estates in south Manchester. The purchase adds another well-let asset with an attractive income stream and good growth prospects to our expanding portfolio and we see a real opportunity here. We are continuing to apply proven investment knowledge to deliver above-market returns and are on the lookout for more assets.”
Ereira Mendoza and B8 Real Estate acted for Cordatus. Whitmarsh Holt Young acted for the vendor.
Cordatus and CBRE GIP launched the Cordatus Property Trust in December 2015 with initial funding of £150m. The Trust has now deployed approx. £178 million and continues to seek new opportunities. It primarily targets investment properties in strong micro-locations in UK regional markets and with typical lot sizes of between £3m to £15m.