PE firms continue picking at UK industrial company Brixton

Just weeks after selling a £70.25 million property portfolio to AEW Europe, Brixton is reportedly close to selling another £225 million portfolio to New York based Westbrook Partners.

The attention from private equity firms towards embattled London listed industrial company Brixton intensified this week after New York based Westbrook Partners became the latest name to be linked to a bid for its assets.

According to a report by the Financial Times today, Westbrook is in talks to buy a £225 million ($363 million; €257 million) industrial portfolio called Equiton which Brixton owns with partners including the property arm of Prudential.

The Financial Times said the deal was expected to be placed under offer within days. A sale would mark the latest in a string of divestments by Brixton as it attempts repair its balance sheet. The company sold a £70.25 million portfolio to AEW Europe earlier this month.

The Equiton fund comprises 42 multi-let estates within Brixton’s primary market in the south east of England. According to the report, the fund expires in September and Brixton’s partners are also keen to sell their interests.

Brixton is currently subject to takeover bids from both the private and the listed sector. Bids are believed to have been evaluated by private equity firms Blackstone and MGPA while Brixton’s rival Segro has announced that it has tabled an offer.

Westbrook Partners has raised more than $10 billion in equity since forming in 1994. Its most recent fundraising effort was a $2.5 billion fund which closed last May.