UK Commercial Property REIT (UKCP REIT) has bought M8 Industrial Estate near Glasgow in Scotland from Grayling Capital.
The FTSE 250 company - managed and advised by Aberdeen Standard Investments - said it acquired the asset for £24.6m (€27.7m). The acquisition is being funded through existing cash resources.
M8 comprises 20 units totalling 290,104sqft and offers the potential for two further developments on site. The asset is 92% let.
Will Fulton, the lead manager of UKCP REIT at Aberdeen Standard Investments, said: “This transaction is a continuation of our stated strategy to invest capital into prime assets which offer income growth potential and that are accretive to dividend cover.
“M8 Industrial Estate is a high quality, multi-let industrial asset, which not only generates stable income, but also offers potential to capture reversion and lease up space. There is also an opportunity for future value creation and income growth through active asset management.”