LGIM Real Assets (Legal & General) has acquired an asset in south-west England on behalf of its industrial property fund from M&G Real Estate.
The asset manager said Industrial Property Investment Fund (IPIF) bought Kingsditch Trade Park in Cheltenham for £20.5m (€23.2m).
The multi-let estate comprises 28 trade/light industrial units and totals 137,942sqft across a 7.9 acre site. The property is let to 24 tenants.
Legal & General said it owns the adjoining trade units to Kingsditch Trade Park and is currently developing out new trade units with plans for a secondary development phase in an advanced stage.
Tim Packer, an assistant fund manager of IPIF at LGIM Real Assets, said: “This is an excellent buy for the fund. As existing owners of the adjoining site our dedicated trade team will be able to move asset management initiatives forward and tie the two assets together to create the premier trade location in Cheltenham.”