Orchard Street Investment Management has paid £40m (€47m) to buy a 138,486sqft industrial estate in London.
The specialist commercial property investment manager said it bought the industrial estate in Chessington from Aberdeen Standard Investments on behalf of St James’s Place UK.
The four units – situated on a seven-acre site within Chessington’s industrial estate on Cox Lane – is fully-let to three tenants.
Harry Buxton, acquisitions manager at Orchard Street, said: “The industrial occupational market in Chessington and its surrounds is characterised by an acute lack of supply, which continues to drive rental growth.
“With robust occupier demand and the continued loss of industrial land within the M25, this latest addition to our client’s portfolio presented a compelling opportunity to acquire a well-connected, prime industrial estate with strong reversionary potential and longer-term asset management opportunities.”