UK REIT London & Stamford Property (LSP) has acquired a portfolio of five distribution assets for £82 mln (EUR 93.5 mln) from Harbert Management Corporation (Europe).
UK REIT London & Stamford Property (LSP) has acquired a portfolio of five distribution assets for £82 mln (EUR 93.5 mln) from Harbert Management Corporation (Europe).
The portfolio comprises five distribution units totalling 80,000-m2 let to five tenants: Next Group, Keystone Distribution, Gist Ltd, NYK Logistics (UK) and French Connection UK. The annual rent roll is £6.06 mln and the weighted average unexpired lease term is 10.9 years.
The portfolio is a corporate acquisition inclusive of existing debt. London & Stamford Property has committed £42.3 mln of cash (inclusive of costs) to complete the acquisition.
Raymond Mould, executive chairman of London & Stamford, said: 'These are first-class acquisitions for London & Stamford combining an excellent blend of prime, modern high quality assets, strong tenant mix, long lease length and secure income in a historically defensive sector. 85% of the income is from properties that are situated in the South East, complementing LSP's earlier purchase of Radial Distribution Limited, where the majority of the income was derived from the Midlands.'
Scott O'Donnell, senior managing director of Harbert Management Corporation, said: 'Whilst we remain a net buyer of real estate in the UK, we were able to achieve our business plan for this portfolio much earlier than anticipated and are pleased with the sale to LSP'.
Harbert Management Corporation (Europe) is an alternative asset investment management firm that manages 11 different investment strategies. The European real estate investment team has offices in London, Luxembourg, Amsterdam, Paris and Madrid.
