Brixton sells and lets

X2 Brixton has announced an asset sale realising £70m, and a significant first let at the two-storey X2 industrial unit.

Brixton has sold four industrial units to AEW Europe, as trailed earlier in the week. The sale is not as extensive as predicted, but nonetheless is a significant section of the estate. Units at Polar Park, Oldfield Lane in Greenford, and Heathrow Gateway have been sold for a total consideration of £70.25m.

In addition they have completed their first let at X2, and two units at the Heathrow Estate.
Brixton have sold Unit 3, at Polar Park, Heathrow has been for £11.2m; a single unit at Oldfield Lane, Greenford has been sold for £15.5m; and Heathrow Gateway has been sold for £43.5m.

The properties have been sold at net initial yields between 6.7% and 8.1% and represent a reduction of between 10% and 22% to the December 08 valuation equating to an average of approximately 19%.

Peter Dawson, Brixton’s Chief Executive said: “These sales are in line with our stated strategy of providing additional financial flexibility for the Group. We continue to progress other initiatives in particular debt refinancing and a potential equity raising with the aim of reaching a comprehensive long-term solution for all stakeholders”. 

At X2, Airworld have taken 82,000 sq ft on a 5-year lease. To enable the letting Brixton has agreed the surrender of 3 units at The Heathrow Estate and one at Fairway Trading Estate, Heathrow. X2 has 150,000 sq ft unlet.

Also at Heathrow, Brixton has exchanged an agreement to lease 42,000 sq ft at The Heathrow Estate to Swiss Post International. Swiss Post will surrender the lease of Unit 1, Riverside Cargo Centre, Heathrow as part of this deal.

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