Global alternative investment specialist Investcorp has acquired a portfolio of 13 multi-let industrial assets in South Wales via an affiliate.
Financial details were not disclosed, but local media outlet PropertyWeek suggested a deal volume of around £69 mln (€79 mln).
The acquisition continues Investcorp’s strategy of investing in industrial real estate and represents its first real estate investment in the Welsh market. Strategically located in the wider Cardiff region, the portfolio comprises 1.1 million ft2 (92,900 m2) of industrial, warehouse and distribution accommodation and is currently 87% leased by a diverse group of tenants spanning SMEs, manufacturers, trade counter occupiers and distribution companies.
Neil Hasson, head of Investcorp European Real Estate, said: 'This latest acquisition represents continued progress on our strategy to assemble a robust portfolio of real estate properties underpinned by solid fundamentals and attractive secular tailwinds whilst offering additional upside potential.
'Industrial real estate has been and continues to remain one of our highest conviction investment themes. With the continued acceleration of e-commerce, we believe that the UK industrial real estate market is poised to benefit from increased demand for such properties and others that we have assembled across our portfolio.'
The acquisition marks Investcorp’s 11th property investment in the UK since launching its European real estate business in 2017, having consistently grown the platform and deploying approximately €800 mln across its European portfolio.
This includes acquiring more than 40 industrial and logistics properties in the UK, with a combined area of approximately 4 million ft2. In addition, the sale of a portfolio of UK industrial assets to Mileway was completed in October 2020.
Caisson will act as an operating partner and provide asset management services for the portfolio.
