Almcor and joint venture partner Cerberus Capital Management have announced a new acquisition in the UK for their European Industrial Outdoor Storage (EIOS) platform.
The JV has deployed £20 mln (€23 mln) on a 30-acre multi-let industrial and open storage site at Bridgwater, South West England. The asset offers low site coverage, a strong income base, and multiple asset management angles, the buyers said.
This deal builds on recent platform acquisitions including Leyland Business Park in Preston, a 48-acre multi-let industrial and open storage site, and Melton Commercial Park in Melton Mowbray, a 90-acre multi-let commercial estate.
IOS assets are typically of low building site cover with a core focus on location and occupier demand from tenants mostly associated with logistics and light industrial sectors. Target sites normally benefit from easy access to major road / rail networks, marine ports, or airports, and often have close proximity to established industrial and logistics zones.
The JV’s EIOS platform aims to aggregate income producing assets with the potential to generate strong returns through active asset management and the creation of a specialist sector operating model.
Peter McCluskey, head of Active Value at ALMCOR, said: 'The Bridgwater asset is another good example of our ambitions for the platform. We continue to develop our diverse, income-producing portfolio and are actively looking for more investment opportunities across the UK and Europe.'
The transaction was carried out off-market.
