International property investor Patrizia has acquired the Wednesbury Trading Estate near Birmingham in the UK for £34 mln (€39 mln) from Tristan Capital Partners.
M7 Real Estate executed the sale on behalf of Tristan Capital Partners’ core-plus fund, Curzon Capital Partners V Long-Life.
The property, which is located approximately 10 miles (16 km) to the north west of Birmingham, comprises 440,000 ft2 (40,870 m2) of multi-tenanted industrial space across 50 units. M7 was appointed as asset manager by Tristan Capital Partners following their acquisition of the property in 2019.
M7 has undertaken a proactive asset management strategy, deploying selective capex to improve the property as well as growing the rent roll and diversifying the occupier mix.
Recent lettings include Toolstation and Howdens. The estate is 96% let with a weighted average lease term to break of 3.12 years.
Sadie Fitzpatrick, senior asset manager at M7 Real Estate, commented: 'Completion of the various asset management strategies, in record time, enabled an early disposal which took advantage of the current levels of exceptionally strong demand for high quality, well located multi-tenanted industrial estates such as Wednesbury.
'We are pleased that Patrizia share our view of the long-term prospects for this key industrial estate in the heart of the West Midlands and that together we have delivered a good result for our client and the fund. We are proud to have worked on this project – our first with Tristan Capital Partners – and we look forward to growing the relationship in the future.'
Jean-Phillipe Blangy, head of asset management at Tristan Capital Partners, said: 'The West Midlands boasts a strong local economy and easy connections to the rest of the country, ensuring well-located industrial assets like this will always attract investor interest.
'The sale of this asset off-market is testament to the smart management and sizeable increase in rent return since we acquired it two years ago.'
