UK multi-let industrial (MLI) property company Industrials REIT has invested £21m (€24.4m) to buy four industrial estates.
Industrials REIT said it paid £4m to buy the 58,148sqft Haven Business Centre in Boston, invested £5.9m to buy the 54,978sqft Twibell Street Trade Park asset in Barnsley, bought the 72,069sqft Astra Park asset in Leeds for £6.7m and has acquired the 75,270sqft units 1-12 at Primrose Hill Industrial Estate at Stockton on Tees for £4.3m.
The acquired assets lift the listed firm’s MLI portfolio to 105 estates across 7.1m sqft of space.
Will Lutton, the head of investment at Industrials REIT, said: “These properties, which take our MLI portfolio past 7m sqft, are fully aligned with our objective of investing in purpose-built multi-let industrial estates let off low passing rents and located in densely populated areas which are witnessing strong economic activity.
“The regional MLI market is characterised by record low vacancy and strong tenant demand, demonstrated by the 100% occupancy levels across these assets.
“In addition to a mix of near and more medium-term asset management opportunities, we are confident of capitalising on current demand to drive rents through our Industrials Hive operating platform.”
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