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St. Modwen looking to sell noncore regional portfolio for £59M

St. Modwen Properties PLC has placed its 24-asset Cygnet Portfolio of noncore regional properties in the U.K. on sale for £59 million, Property Week reported.

The portfolio spans 1.4 million square feet of space and has an annual rental income of more than £5.2 million. It comprises 67% industrial properties, 24% office space, 8% mixed-use and 1% alternatives.

According to the March 28 report, the guide price reflects a net initial yield of 8.3%.

Knight Frank has been appointed to sell the portfolio. The proceeds will be used in the company's commercial development pipeline, the report noted, citing a St. Modwen spokesperson.