F&C Commercial Property Trust (FCPT) has bought industrial assets in northwest England.
FCPT, which is managed by BMO Real Estate Partners, said it acquired Hurricane 47, a 47,462sqft asset at the Estuary Business Park in Liverpool from Commercial Development Projects for £4m (€4.5m).
FCPT also bought the adjoining land of 3.60 acres which has planning consent for the construction of a warehouse building of 52,500sqft. FCPT will buy the warehouse on completion of the construction works.
Richard Kirby, a fund manager said: “This acquisition reinforces our position and confidence in Estuary Business Park, following our earlier acquisition of the adjacent warehouse property let to Adient Seating in May 2014.
“As South Liverpool’s resurgence continues, our increased holding provides us with an opportunity to generate sustainable income for our investors as we look to benefit from the lack of supply for new build grade A stock and strong occupier demand, both of which are driving up rents in the industrials sector.”