BlackRock Real Estate has partnered with Canmoor to launch a new vehicle targeting high-yielding industrial estates in the UK valued at between £5 mln and £15 mln (€6 and €19 mln).

BlackRock Real Estate has partnered with Canmoor to launch a new vehicle targeting high-yielding industrial estates in the UK valued at between £5 mln and £15 mln (€6 and €19 mln).

The new venture, named BlackRock Industrial Trust (BRIT), was launched with a portfolio worth £60 mln, and is targeting a size of at least £150 mln, the company said in a statement.

BlackRock will maintain oversight of investment strategy, while Canmoor will provide on-the-ground management of the portfolio - consisting of eight multi-let estates across the UK - and assist in the search for new acquisitions.

'At a time when the UK economic recovery is gradually gaining momentum, we expect the industrial sector to continue delivering strong performance,' said Justin Brown, managing director and portfolio manager of the BlackRock UK Property Fund, the parent Group of BRIT. 'Smaller estates in particular will provide significant opportunities for yield. Canmoor is a best-in-class operator, and the team is very well positioned to unlock value in this market.'

The BlackRock UK Property Fund has over £2.9 bn in assets under management. BlackRock Real Estate is the dedicated real estate investment group within BlackRock and invests in strategies across the risk and return spectrum.

Canmoor is a private property company with a team of 25 operating from offices in London, Manchester and Birmingham.