UK - The BT Pension Scheme has acquired an industrial real estate portfolio near Heathrow airport for £79.25m (€93.8m) from European developer SEGRO.
The pension fund acquired the Westcore Industrial Portfolio, comprising six multi-let freehold industrial estates with a total lettable area of 71,600 square metres, through its wholly owned investment manager Hermes Real Estate.
Chris Darroch, fund manager for the BT pension fund at Hermes, said: "This portfolio is a key acquisition for BTPS and one that aligns with our long-term strategy to rebalance the fund through increasing our exposure to directly held assets that offer a sustainable high-income return."
The portfolio has a vacancy rate of 10.5% and a weighted average unexpired lease term of 4.7 years to earliest expiry.
The six estates are: Feltham Corporate Centre (Feltham); Trinity Trading Estate (Hayes); Bilton Way, Chesterfield Way and Pasadena Close (Hayes); Stone Close (West Drayton); Blackthorne Road (Poyle); and Steyning Way (Hounslow).
Ian Sutcliffe, UK managing director at SEGRO, said: "We have been looking to rebalance our portfolio in the UK following the successful Brixton and APP deals, and this disposal reflects our strategy of focusing on prime real estate where SEGRO is able to add value.
"This sale follows the sale of Great Western Industrial Park last year for £110.4m and shows the continued demand from investors for industrial properties despite the uncertain economic climate."
Dowley Turner Real Estate advised SEGRO on the disposal, while CB Richard Ellis advised Hermes.