Chris McLeish and the team at MFMac have acted for David Samuel Properties and Cedarwood Asset Management for a number of years, acquiring the Malt Portfolio in 2019. At that time, the portfolio comprised eight assets. By implementing a proactive asset management strategy, assets in Dunfermline and Aberdeen were disposed of in 2021 and 2024 respectively. The remaining six assets were sold in August 2025 for a price in excess of £26 million.
Key highlights:
- At the time of sale, the portfolio comprised circa 37 units, within six industrial estates, located throughout central Scotland.
- The annual rent roll was just under £2 million.
Sale price in excess of £26 million. - The MFMac Team supported our clients through acquisition, financing, asset management and disposal of this portfolio over the past six years.
- The MFMac Team worked closely with David Samuel Properties, Cedarwood Asset Management, Galbraith (selling agents),
- Ryden (managing agents) and other external advisers to achieve completion and a successful outcome for all parties.
Conclusion
This was a significant transaction in the Scottish investment market and one of the largest industrial investment deals of 2025. It demonstrates that the multi-let industrial sector continues to see strong levels of demand and rental growth.
This deal is a key transaction for our clients David Samuel Properties and Cedarwood Asset Management as they exit this investment which they have successfully managed over the past six years.
MFMac has worked with our clients and the rest of the advisory team over the past six years to acquire, manage and dispose of this portfolio to support our client's objectives.
Andrew Berkeley of David Samuel Properties commented:
"We are delighted to complete on the sale of the Malt Portfolio. This has been a great investment for our loyal investors. Chris McLeish, Emma Keil and the rest of the team at MFMac have supported us throughout the lifecycle of this investment - from original acquisition through to disposal. Their knowledge of the properties, our team of external advisers and of what matters to us, helped us to achieve a great outcome. We are very pleased to work with the team at MFMac."
Paul Jenkins of Cedarwood Asset Management commented:
"It has been a pleasure to work with Chris McLeish, Emma Keil and the MFMac Team in acquiring, asset managing and then disposing of the Malt Portfolio. Their support and that of our team of advisers at Galbraith and Ryden has been crucial to the success of this investment for our investors. I have worked with Chris and his team for 18 years. They know how we work and what is important to us. We rely on them to work collaboratively with our team of advisers and with our tenants and other counterparties to deliver transactions on time and with the minimum of fuss."
