UK-based privately-held investor Rockspring and its joint venture partner, industrial asset manager Caisson, have acquired four industrial assets across the UK for £30 mln (€42 mln) in separate transactions.
UK-based privately-held investor Rockspring and its joint venture partner, industrial asset manager Caisson, have acquired four industrial assets across the UK for £30 mln (€42 mln) in separate transactions.
The assets, which are located in Greater London, Greater Manchester and Durham, will form part of a larger portfolio of UK industrial assets being put together by Rockspring and Caisson for the UK Value 2 fund.
The four buildings provide a total of 571,000 sq ft (53,000 m2) and include the Haydock Industrial Estate, a 250,000 sq ft multi-let industrial estate in Greater Manchester and the Hanover Road Industrial Estate with 120,000 sq ft of multi-let industrial space, also in Greater Manchester.
Rockspring and Caisson said they are working together to establish a portfolio of up to £100 mln of UK medium-sized single and multi-let industrial units. The strategy is aimed at generating an attractive stable income return and realising capital growth through asset management.
'Our research suggests that the multi-let industrial market is now entering the rental growth phase of the cycle which, when combined with focused asset management, should produce attractive investment returns,' commented David Carter, managing partner at Caisson Investment Management.
Rockspring UK Value 2 is the second fund in a sequential, UK-only closed-ended real estate strategy with a core plus risk profile. The six-year fund held its final close earlier this year, securing a total of £342 mln of equity from 11 investors.
