UBS Asset Management's (UBS-AM) Real Estate & Private Markets (REPM) business has acquired an industrial estate in Manchester for its UBS Triton Property Fund at a price of £46.35 mln (€52 mln).
The multi-let estate occupies a 50-acre site between the M60 and M62 motorways, comprising 679,845 ft2 (63,159 m2) of space across 45 industrial units and two office buildings.
'Stakehill Industrial Estate presented us with the rare and highly sought-after opportunity to acquire a prime industrial asset of significant scale located in one of the country’s strongest distribution locations,' commented Howard Meaney, head of real estate UK and senior portfolio manager for UBS Triton.
'This high-performing asset also presents excellent value enhancement potential through asset management and rental growth, enabling us to target the best returns for our clients.'
According to UBS, the deal is directly in line with the fund's strategy to acquire dominant multi-let commercial properties in growth locations, including the industrial sub-sector. The fund is also weighted to retail warehousing, offices, and more recently, student accommodation.
The addition of the asset, its 13th industrial property, increases the fund’s exposure to the sector to 37%. To date, UBS Triton comprises 33 assets.
UBS Triton was advised by Tudor Toone on this transaction.
