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King Sturge has been selected to provide advice to Ernst & Young on the properties in the Industrious Dunedin Investment Portfolio. This portfolio was independently valued in June 2008 at £521 million, though the market has clearly dropped over the intervening period. The instruction comprises a considerable logistical exercise, with the portfolio comprising a total of 114 industrial/warehouse properties throughout the UK, providing circa 10 million ft2 of accommodation let on circa 1,500 occupational tenancies. |
Fortunately we are familiar with a number of the properties, having sold a number of them to Industrious Dunedin during their period of rapid acquisitive growth over 2005–07. During that period they acquired assets from Brixton, Carisbrooke, Workspace and Edinburgh House.
King Sturge is advising on value, management, and ongoing strategy as the position of the bondholders and lenders is assessed.
Neville Pritchard - Partner, Business Recovery & Investment.
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