Leslau property firm in £245m deal
Max Property, the investment firm set up by Nick Leslau, today confirmed its first acquisition, spending around £245 million on a portfolio of 86 distressed industrial properties.
The AIM-listed firm used a loan and cash to buy the estate from Ernst & Young, the administrators of collapsed firm Industrious.
The portfolio, which is made up of around 7.6 million square feet of space, produces an annual gross rental income of around £29.6 million. About 1.5 million square feet is currently or imminently vacant.
Max Property's chairman Aubrey Adams said that rent stabilisation was a first priority. He said: "As a result of the receivership the portfolio has suffered considerably from under-investment for some time now.
"We must focus firstly on stabilizing rents and then increasing them in the medium term, which will afford us many opportunities to significantly enhance capital values over the next three to five years."
