Highcross - Industrial - Livingston, Houstoun Industrial Estate

Date: 04 Aug 1998

Highcross, the private investment and development company, has sold its holdings on Houstoun Industrial Estate, Livingston to clients of PRICOA Property Investment Management Ltd, for a price just in excess of £7 million - reflecting a yield of 10.6%.

The 25,547.5 sq m (275,000 sq ft) estate, which was acquired by Highcross in 1994 during the wind up of Livingston Development Corporation, is located close to junction 3 of M8 and comprises 38 industrial and warehouse units. Current rental income stands at approx £780,000 pa.

Gordon Hunter, managing director of Highcross Scotland Ltd said: "PRICOA faced strong competition in acquiring Houstoun and we are delighted with this sale which represents part of our ongoing strategy and releases equity for further investment and development."

Ryden and Drivers Jonas acted on behalf of the Highcross Group with GVA Grimley advising PRICOA.

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