Legal & General (L&G) has acquired a portfolio of six UK industrial estates from CBRE Investment Management for an undisclosed amount.

CBRE Investment Management, which sold the Porto Portfolio on behalf of a separate account client, said the 403,087sqft portfolio comprises multi-let industrial estates located in Oxford, Maidstone, Southampton, Huntingdon, Bristol and Gloucester.

Richard Dean, the head of UK transactions and real estate execution at CBRE Investment Management, said: “This was an excellent opportunity for a buyer to purchase a portfolio of high-quality assets, in a sector that continues to see strong demand.

“Underpinned by the rise of e-commerce, the UK industrial sector has proved extremely resilient throughout the Covid-19 pandemic and investor demand for urban logistics assets and well located multi-let estates has increased significantly as a result. With maximum occupancy already achieved, the Porto Portfolio was understandably sought-after.”

Rob Codling, fund manager at LGIM Real Assets, said: “The Porto Portfolio represents a key acquisition for Legal & General’s managed fund, as we continue to upweight in urban logistics and multi-let regional industrial estates.

“The portfolio provides good quality holdings, in core locations, set to benefit from favourable supply-demand dynamics.”

Over the last month L&G’s managed fund has invested £150m (€174.6m) across a string of deals as “we continue to commit to best-in-class assets and drive attractive growth propositions for our investors,” Codling said.

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