Maven Capital Partners has sold 111 Westerhill Road in Bishopbriggs to a joint venture administered by European property investment firm M7.
The deal, worth £4.68m, generates a 2.54 times return for the UK property and private equity manager's investors.
The property comprises an industrial unit of 112,000 sq ft situated on the Westerhill Business Park park six miles north of Glasgow. The site extends across 7.3 acres, providing a large warehouse and manufacturing areas, as well as ancillary office space and car parking for 168 vehicles.
Constructed in 2000, the warehouse currently serves at the headquarters to former Maven investee John McGavigan.
McGavigan, a designer and manufacturer of engineered plastic components for the automotive industry - with clients including BMW, Ford, Daimler Benz and Volvo - was itself acquired by CCL, a Toronto Stock Exchange-listed corporation earlier this year.
Andrew Whiteley, partner at Maven, said: “This has been a top performing asset within our portfolio, occupied by a tenant we had backed previously through our private equity division.
“Since we purchased the property four years ago it has generated an attractive rental yield and the recently agreed new 10-year lease with McGavigan provides excellent security for the new owners.”
Euan Burns, asset management director at M7, added: “The off-market opportunity proved compelling value in the current industrial investment environment, offering attractive fundamentals being let off a low base rent with annual indexation and acquired at a material discount to replacement cost.”
Ryden advised Maven and Burns Property Consultancy acted for M7.
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