Global real estate investment company Kennedy Wilson has added two UK industrial warehouses to its logistics portfolio.
The investment firm said it has acquired the assets totaling 181,500sqft in separate transactions without disclosing the price of the assets.
The first asset is a fully-let 76,040sqft single-let unit at Westside Business Park located adjacent to Kennedy Wilson’s existing Spire Green Industrial Estate asset located eighteen miles northeast of central London. The second asset comprises a 105,415sqft fully-let industrial unit at Moulton Park in Northampton.
Kennedy Wilson said it intends to upgrade the sustainability performance of the assets, targeting improved EPC ratings, as “well as value-add capital expenditure initiatives to improve the individual buildings”.
Mike Pegler, president of Kennedy Wilson Europe, said: “We believe these well-located industrial assets will enable us to capture rental growth by capitalising on the acute supply and demand imbalance driven by continued occupier demand for modern, well-specified assets in key markets with strong underlying fundamentals.”
The latest deals lift Kennedy Wilson’s total industrial and logistics assets under management in the UK to £1.1bn, comprising 8.3m sqft across 79 assets, with occupancy at 96.8%, the manager said.
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