Welsh portfolio bought for £33.4m

A South Wales property portfolio comprising six industrial units, a hotel and a leisure centre has been acquired for £33.4m by Cording Real Estate Group.The Northern European real estate investment and asset management firm has bought the properties from Newport-based RH Properties in a deal which reflects a net initial yield of 8.5 per cent.The industrial properties are a mix of single and multi-let units in South Wales. They total 852,000 sq ft and are let at an average rent of £2.27 per sq ft with a weighted average unexpired lease term (WAULT) of more than nine years.They comprise two units in Swansea let to Trojan Electronics and Unit Superheater Engineering, a unit in Merthyr Tydfil let to Amnitec, a unit in Abercarn let to Smurfitt Kappa, a unit in Cwmbran let to Zodiac Seats and a multi-let unit in Blackwood.The hotel is located in the centre of Newport and is let to Travelodge Hotels for a further 17 years.The leisure asset is Leisure@Cwmbran in the town centre, which is occupied by tenants including a Vue cinema, a Frankie & Benny’s restaurant and a Bowlplex bowling centre at a combined WAULT of 13.3 years.The vendor was advised by Allsop.