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Dundee and Fife industrial assets included in £27m deal

Halbeath Motor and Trade Park in Dunfermline
Halbeath Motor and Trade Park in Dunfermline

Industrial sites in Fife and Dundee have been included as part of a £27 million property sale.

Dunfermline’s Pitreavie Business Park and Halbeath Motor and Trade Park and Dundee’s Dunsinane Park are part of the transaction which is one of the largest in Scotland this year.

The portfolio of eight sites had been built over the last six years for clients of industrial specialist Cedarwood Asset Management.

Known as the Malt Portfolio, the sites were sold by leading commercial property specialist, Galbraith together with MWM Property Consultants, to Manchester based David Samuel Properties.

The rent roll is in excess of £2.38m per year providing a portfolio yield of approximately 8.25%.

Jamie Thain, investment partner at Galbraith, said: “The Malt Portfolio provides geographical diversification across Scotland, with each property presenting strong fundamentals and opportunities.

“The portfolio captured the attention of investors from around the globe and demonstrates the continued strong demand for the industrial property sector.

“The portfolio provides scale and an attractive industrial property yield when compared to single let industrial or distribution assets, especially those in southern England.”

The transaction is the final stage of a £33m investment disposal programme.

Galbraith and MWM Property consultants have sold three other assets on behalf of Cedarwood Asset Management in the last six months.