The Industrial team have acted on behalf of a variety of clients to build up their foothold in industrial real estate. Harris Associates acquired an industrial portfolio for Pears Group, asset managed the units and then sold them off one-by-one to achieve a 200% return only 18 months later.
In November 2016 Harris Associates acquired a portfolio of 3 multi-let industrial estates in excess of 550,000 Sq Ft on behalf of Pears Property. The portfolio was purchased for a price of £43 million reflecting a net initial yield of 6.25%.
Having asset managed all of the estates extensively over a period of 24 months, Harris Associates divided up the assets and subsequently sold all 3 properties individually with a combined total sale price of £70 million.