European real estate manager Chancerygate has acquired a UK portfolio of 17 multi-let industrial (MLI) assets from Legal & General Investment Management.
Chancerygate has invested an unspecified sum to acquire the Gigha Portfolio, comprising 626,000sqft of accommodation across 78 units.
The portfolio, which is around 90% occupied, includes assets located throughout the UK, with sites in Hounslow, Park Royal, Welwyn Garden City, Northampton, Tonbridge and Totton.
Following this latest deal, Chancerygate said it now manages around £600m (€694.5m) of investment assets in the UK comprising more than 500 units totalling around 3.75m sqft of commercial space.
Simon Cowley, head of investment management at Chancerygate, said: “MLI continues to be recognised as an asset class providing the potential for a diversified income stream with significant opportunities to add value, through capture of inherent reversion, lease up of vacant space and refurbishment to improve ESG credentials.
“Acquiring the Gigha Portfolio represents a further step forward for the investment side of our business and significantly increases our assets under management. We continue to actively look for other investment opportunities as we prioritise capitalising on MLI’s growing prominence within UK commercial real estate.”
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