Westbrook Partners LLC paid £140 million to buy a portfolio comprising 30 industrial assets from IO2, a partnership of IO Asset Management LLP, Grosvenor Group Ltd. and France-based private equity firm Quilvest, Property Week reported.
The price reflects a net initial yield of 6.75%, the March 22 report added.
IO Asset Management placed the portfolio on the market through real estate advisory company Gerald Eve in late 2018. Quilvest was believed to have called for the sale in a bid to cash in on the assets three years after its initial investment.
Cortex advised Westbrook on the acquisition, the publication added.