We are delighted to announce we have recently acquired a further two multi-let industrial estates meaning our MLI assets now constitute 64% of Stenprop’s total property portfolio.
Acquired from Mandale Investments Limited for £11.2 million, Mandale Business Park is located on the Belmont Industrial Estate on the outskirts of Durham. The business park comprises of 37 modern units, totalling 136,000 sq ft, and is almost 100% occupied with 31 tenants currently in situ.
Our second acquisition is Phoenix Industrial Estate in West Bromwich which we acquired for £2.8 million from a private investor. The estate comprises of 21 units, totalling 46,718 sq ft, and is 100% occupied.
Our Head of Investment Will Lutton commented: “Both acquisitions offer strong day one income, with the longer-term opportunity to unlock reversionary potential utilising our proprietary industrials.co.uk platform.
Whilst appetite for well let industrial assets continues, driven by accelerating structural trends, we remain able to source and acquire properties that meet our investment criteria, with a significant pipeline of opportunities as we head towards 2021."
Since the start of the Coronavirus pandemic, Stenprop has made seven MLI acquisitions of over 660,000 sq ft, for a combined value of £53.19 million, adding more than £3.5 million to the annual rent roll and taking the portfolio past five million square feet of MLI. The Company remains on track to be 100% MLI by the end of 2022.