Investment manager Barings has acquired a £38.5m (€45.1m) UK industrial estate from self-storage firm Big Yellow.
Barings, which is owned by insurer Mass Mutual, said it has acquired the Eastman Edge multi-let light industrial estate in Harrow, outer London, on behalf of a European core real estate strategy.
Darren Hutchinson, managing director and head of UK real estate transactions and European separately-managed accounts at Barings, said: “Eastman Edge is a strong addition to our UK industrial portfolio, combining modern, flexible space with a well-connected urban location and attractive underlying occupier fundamentals.
“The acquisition reflects our continued conviction in high quality urban industrial assets in established locations.”
Gunther Deutsch, managing director and head of European real estate transactions at Barings, said: “Urban industrial remains one of the most compelling parts of the European real estate market, supported by resilient occupier demand, constrained land supply and the continued need for well-located, sustainable space close to end customers.
“This transaction is consistent with our wider pan-European strategy, which focuses on urban industrial, logistics and living across a range of sub-sectors in our target jurisdictions of the Nordics, the Netherlands, the UK, Germany, France, Italy and Iberia.
“We remain well positioned to act opportunistically on assets with excellent fundamentals where we can create value, including developer joint ventures and forward transactions, across core to value-add risk sectors.”
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