Pramerica Real Estate Investors has completed two industrial property transactions in the UK on behalf of a segregated account for a combined value of £30.5 mln (€37 mln).
Pramerica Real Estate Investors has completed two industrial property transactions in the UK on behalf of a segregated account for a combined value of £30.5 mln (€37 mln).
Pramerica Real Estate Investors is the real estate investment management and advisory business of Prudential Financial, which is headquartered in the US.
The Coast portfolio, comprising 373,850 sq ft (35,000 m2) of space across 11 multi-let industrial estates located in the South West of the UK, was acquired from Hansteen UK Industrial Property Unit Trust (HPUT) for £25.4 mln.
The portfolio has a diverse tenant base of over 140 occupiers, and offers the potential for future rental growth. AHBN advised Pramerica on the acquisition, while Knight Frank advised Hansteen Holdings.
Separately, Pramerica acquired Pipers Wood Industrial Estate in Waterlooville from Rockspring Property Investment Managers for £5.16 mln.
The property provides 65,921 sq ft of space, fully let to six tenants, but offering the potential for rental growth and asset management opportunities through re-gearing and extending existing leases. Knight Frank advised Pramerica, while Strutt & Parker acted for Rockspring Property Investment Managers.
