In its first investment since being taken over by Blackstone earlier this year, Industrials REIT has acquired a multi-let industrial estate in southeast England from Swiss Life Asset Managers UK.
Financial details were not disclosed.
Rochester Trade Park is a 40,000 ft2 (3,700 m2) industrial estate comprising 14 units of between 1,500 – 6,000 ft2 and is located close to Junction 3 of the M2 motorway in Kent. The property is fully leased.
Commenting on the acquisition, Will Lutton, head of investment at Industrials REIT, said: 'With the support of Blackstone as a committed and well-capitalised owner we continue to pursue opportunities that will allow us to further scale the Industrials REIT platform and this is the first stage in that process under our new owner.
‘Rochester Trade Park is a first class industrial estate that presents the opportunity to capture rental reversion and create value through both active asset management and the efficiencies of our operating platform.’
Industrials REIT owns a 7.1 million ft2 portfolio across 104 estates in the UK.
The buyer was advised by DTRE on the transaction while Swiss Life was assisted by BNP Paribas Real Estate.
