An industrial investment has been sold by Cedarwood Asset Management to Columbia Threadneedle in a multi-million-pound deal.
The investment team at chartered surveyor, property consultant and land manager Galbraith advised Cedarwood Asset Management on the £5.35 million sale of 2 Ellismuir Way, Tannochside Park, Glasgow.
Galbraith noted: “Development of the 42,000 sq ft industrial/ distribution unit, with high ESG (environmental, social and governance) credentials, was completed by Cedarwood earlier this year and the property was subsequently let to OLR Holdings Ltd as the HQ and principal distribution hub for their athleisure brand DFYNE. The company took a 10-year lease at a rent of £392,000 per annum.
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“The investment was subsequently marketed and sold to Columbia Threadneedle.”
Jamie Thain, investment partner at Galbraith, said: “We are delighted to have completed another sale for our longstanding client Cedarwood Asset Management. They created an outstanding product at 2 Ellismuir Way, as demonstrated by the successful letting to DFYNE, an excellent business and one of the UK’s fastest-growing companies”.
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Galbraith noted that Morton Fraser MacRoberts provided legal advice on the deal to Cedarwood Asset Management.
It added that Tribridge represented Columbia Threadneedle.
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Tom Bridgman, managing director of Tribridge, said: “We are delighted to have advised Columbia Threadneedle on the purchase of this newly developed unit with high ESG credentials, including an EPC (energy property certificate) rating of A, six EV (electric vehicle) charging points, PV (photovoltaic) panels, LED (light-emitting diode) lighting and VRV (variable refrigerant volume) energy-efficient air conditioning. The purchase provides secure income to a strong covenant with guaranteed rental performance.”
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