Cornerstone buys more UK industrial assets

Cornerstone Real Estate Advisers has acquired Oxford Industrial Park and Buckshaw Link industrial estates in the UK.

The two assets were purchased for a combined consideration of £28 mln (€34 mln) on behalf of an in-house client.

Cornerstone has acquired Oxford Industrial Park from Universities Superannuation Scheme in an off-market transaction for £17.6 mln, reflecting a net initial yield of 7.5%.

Strategically located just four miles North West of Oxford city centre, the property was constructed in 2000 and provides 171,000 sq ft (16,000 m2) across 15 highly specified units. Dowley Turner Real Estate acted for Cornerstone, Jones Lang Lasalle for USS.

Buckshaw Link in Chorley, Lancashire was bought from CBRE Global Investors for £10.5 mln, reflecting a net initial yield of 7.0% going to 9.0% when fully let. Built in 2008, Buckshaw Link comprises 21,900 m2 across 20 units. Dowley Turner Real Estate acted for Cornerstone, Jones Lang LaSalle for the vendor.

These two acquisitions follow Cornerstone's purchase of three UK light industrial estates for £35 mln earlier this year and take the company's UK light industrial portfolio up to around 279,000 m2 with a total value of £165 mln.

'Our industrial pipeline is healthy for Q4 and we are looking forward to announcing the completion of further acquisitions in the near future,' said Rory Allan, director of fund management at Cornerstone Europe.