Rockspring Property Investment Managers has bought four logistics properties in the UK for a total investment of £27 mln (€33.5 mln).
Three of the assets were acquired in an off-market transaction from funds managed by Commercial Estates Group (CEG) for £21 mln, reflecting a net initial yield of 7.8%. They comprise Lymedale Cross Business Park in Newcastle-under-Lyme, Liver Industrial Estate in Liverpool and St Andrew's Trading Estate in Avonmouth.
The fourth property is the Baillieston Distribution Centre on the outskirts of Glasgow, acquired from the Christ's Hospital Foundation for £6 mln, reflecting an 8% net initial yield.
The acquisitons were made for Rockspring's UK Value 2 fund, which targets value-add investments across the UK.
Richard Bains, Rockspring partner and fund manager of the UK Value series, said: 'The acquisition of these four industrial assets, each of which is strategically located and offers keen asset management opportunities, is strongly in line with the fund strategy to generate attractive, stable income returns, whilst realising capital growth through proactive asset management and expertly informed stock selection.'
GVA and Deloitte Real Estate acted for Rockspring on the transactions, while the Christ’s Hospital Foundation was represented by Gerald Eve and CEG was represented by ADS Real Estate Advisors.
