UBS Asset Management's UBS Triton Property Fund has completed the acquisition of Perth Trading Estate in Slough from CBRE Global Investors for £19.05 mln (€22 mln), representing a yield of 5.1%.
Perth Trading Estate comprises 12,258 m2 of industrial space across nine units and one two-storey detached office block. Tenants include Skanska, occupying the largest unit with 3,791 m2.
'Perth Trading Estate represents an excellent addition to our portfolio, providing UBS Triton with the highly sought-after opportunity to increase its exposure to the South East industrial market, where demand continues to significantly surpass current levels of supply,' commented Howard Meaney, head of real estate UK and senior portfolio manager for UBS Triton. 'This high-performing asset offers attractive short and long-term asset management potential, including lease renegotiations and possible redevelopment opportunities, enabling us to extract maximum value for our clients.'
UBS Triton, which forms part of UBS Asset Management's Real Estate & Private Markets (REPM) business, focuses on multi-let commercial properties in growth locations, with the majority of its assets located in the South East of the UK.
UBS Triton was advised by JLL on the transaction, while the vendor was advised by CBRE.
