Stenprop has invested £19.6m (€21.5m) to buy an industrial estate as part of the company’s plan to become a specialised UK multi-let industrial (MLI) property company.
Stenprop said it has acquired the 16-acre Bowthorpe Park Industrial Estate in Norwich from Blackrock Industrial Trust.
The park provides 22,829sqm of gross lettable MLI space across 76 units. It is currently 94% let to a wide range of tenants.
The acquisition lifts Stenprop’s MLI portfolio from 58% to 60%.
Will Lutton, head of investment at Stenprop, said: “We have been encouraged by the data we have collected from our existing portfolio during the COVID-19 crisis, with evidence of pent up demand from occupiers across the country.
”That knowledge, combined with the underlying market dynamics in Norwich, which has a low void rate, is a strong indicator that this estate is well placed to deliver sustainable and growing income returns.”
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