A UK airport-focused industrial real estate fund managed by Abrdn has acquired a £22.4m (€26m) asset from Lothbury Investment Management.
Airport Industrial Property Unit Trust (AIPUT) said it has acquired the multi-let Fleming Business Centre situated on a 4.5-acre site in Crawley.
The Fleming Business Centre has a gross internal area of 95,000sqft divided across seven units, one of which is currently vacant.
Nick Smith, AIPUT’s fund manager, said the latest acquisition is in line with the fund’s strategic goal to invest £150m in “new high-quality assets that will enhance returns and diversify our prime airport industrial portfolio, both geographically and across a wider range of occupiers”.
The latest acquisition follows AIPUT’s recent acquisition of a 75-acre land development site in West Heathrow.
The Fleming Business Centre increases AIPUT’s industrial floorspace in the area by 80%, adding to and broadening the type of warehouse product it can offer to the recovering occupier market.
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