Praxis completes £8.2m acquisition Longcross portfolio

Property investor Praxis has completed the £8.2m acquisition of the remaining assets in the Longcross Property Investment Fund, reflecting an 11% net initial yield.

Comprising 16 business units across six southeast locations, as well as a retail unit in Halifax, the portfolio adds a further 71,000 sq ft of commercial real estate to Praxis’ portfolio which has an increasing allocation to the regional office markets in close proximity to London.

Gary Roberts, Praxis Capital managing director, said: “While much of the market has slowed down in the run up to BREXIT, we’ve still been actively seeking out interesting opportunities.

“There continues to be a disconnect between the occupational and investment markets in the smaller lot sizes, hence our interest in this portfolio.

“Take-up is gaining momentum and supply dwindling while small properties that require some intensive management remain out of favour with much of the capital”.