European investment manager Rockspring Property Investment Managers has acquired four urban logistics assets in the south of England from different vendors for £47 mln (€53 mln).
The four properties are all located close to key transport hubs and urban conurbations, including Belvedere in southeast London, Poyle near London Heathrow Airport, Cheltenham in Gloucestershire and Brackley in Northamptonshire.
'Individually, each of these acquisitions has compelling fundamentals and they all sit in a sector that is under-supplied and experiencing strong occupier demand which is driving rents upwards,' commented Duncan White, assistant director at Rockspring.
The Lansdown Industrial Estate in Cheltenham has been acquired from a joint venture between Galliard Homes and Cain International for £16 mln (€18 mln). The fully-let asset comprises 35 industrial units totalling 327,75 ft2 (30,450 m2).
Rockspring has also purchased a prime 72,460 ft2 (6,730 m2) industrial site in Poyle close to Heathrow Airport’s Terminal 5 for £11 mln (€12 mln).
The sites in Belvedere and Brackley, purchased for £7 mln (€8 mln) and £14 mln (€16 mln) respectively, are speculative developments due to complete later this year that have been forward-purchased by Rockspring. Albion Land was the vendor of the Brackley site.
'Altogether these transactions reflect Rockspring’s positive sentiment on the industrial and logistics sector, which we believe retains significant opportunity to deliver value for our investors and strong rental growth,' concluded White.
See also, Rockspring raises €87m for German retail property fund
