SEVERAL Gwent industrial estates are to be sold to raise millions of pounds to invest in jobs.

The Pontymister estate at Risca and Penyfan in Crumlin are among a portfolio of four being sold off by Caerphilly council.

In the latest edition of Property Week magazine, the 160-acre Oakdale Business Park is also marked for sale by the council.

The reason for these moves is that the council area, which includes part of Gwent, has lost 3,000 manufacturing jobs in recent years.

The council wants to use the money from sale to re-invest in new job-creating property developments and give the area a fillip.

The disadvantage for the council is that it would no longer reap the rentals from the units on the estates, which are often occupied by one or two people.

A council spokesman said the dramatic job losses led the authority to look for a response and one was to examine its own assets and how they could be used to raise funds for investment.

Selling the estates would release capital to match against other available investment funding. Other estates have also been changing hands.

Property consultants Alder King has acquired for an English private investor a portfolio of six estates, including land at Caer-philly's Penyfan, Newport's Queensway Meadows, Rassau in Ebbw Vale and Rising Sun at Brynmawr.

The two remaining estates are Horcott Industrial in Gloucestershire and Vallis Trading in Frome and together the six comprise a total of 445,000sqft of multi-let industrial accommodation.

Glenn Haley, of Alder King in Cardiff, who acted for the private investors, said: "This was an attractive investment opportunity because of the balance of unit sizes and varied tenant profile across the six estates.

"Our client is now starting work on a programme of actively managing its new portfolio, with the aim of improving the working environment and operational efficiency of each estate."

Alder King has been appointed jointly with Steepholm Property Advisers to market the vacant space.