FTSE 250-listed UK Commercial Property REIT (UKCM) has acquired a £94m (€109m) life sciences and technology-focused industrial park.
UKCM said it has bought Precision Park in Leamington Spa, Warwick.
Precision Park includes two distribution units extending to over 380,000 sqft, 65,442sqft of office accommodation and development land spanning 3.72 acres. The development site will be speculatively developed to deliver a 67,700sqft industrial asset.
UKCM, managed and advised by abrdn, owns a diversified portfolio of income-producing UK commercial property.
The latest deal follows the listed firm’s acquisition of three new warehouse units, known as Sussex Junction, which are currently under construction near Gatwick airport via a £25m forward funding, and the £35m purchase of West Gate, a medium-term redevelopment site on Hangar Lane in West London.
Kerri Hunter, interim lead manager at UKCM, said Precision Park is well located and well let to very strong covenants in good quality buildings, with a life sciences/tech angle.
”Its purchase is an excellent fit to fund strategy as it is a multi-faceted investment, encompassing all aspects of what we’re trying to achieve - it not only offers solid income streams but also the opportunity to drive superior performance through asset management and development.
“The low-risk nature of the existing portfolio enables us to take on more development, thereby creating more high-quality assets at a significant discount to purchasing up and let stock.
“It is part of a strong pipeline of additional interesting assets UKCM is looking to invest in and builds on the Company’s strong portfolio of recent acquisitions, which includes the income-accretive medium-term industrial development site in West London and the forward funding of Sussex Junction.”
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