We are delighted to announce that we have successfully completed the acquisition of 100 industrial units in Sheffield, Doncaster, Middlesbrough, Deeside and Edinburgh. Despite the uncertainty caused by Brexit, with both sellers and buyers sitting on their hands, this acquisition was completed in five separate transactions for an aggregate price of £16.7 million.
Head of Investment Will Lutton, who was the lead behind the transactions, states “We acquired all these assets off-market without having to get involved with closing dates, despite there being competition for multi-let industrial.”
We are confident in our underwriting as we are seeing continued strong occupational performance from our geographically-diverse portfolio of 60+ multi-let estates. Our position as a cash buyer put us in a strong position, however we believe we were able to achieve a negotiated price by pressing our credentials around experience in the sector, deliverability and our strong recent track record in completing acquisitions.
Our Executive Property Director, Julian Carey said: "These five properties are all purpose-built multi-let industrial, which meet our acquisition criteria in terms of location and returns. We look forward to rolling out our Industrials operating platform on these estates. We have a number of other similar acquisitions under review, which we hope to complete in the coming months".