The UBS Triton Property Fund managed by UBS Asset Management's real estate platform has completed the acquisition of the Interchange industrial estate in Swanley, Kent, UK for £30 mln (€35 mln), representing a yield of 5.51%.
The multi-let industrial estate was originally built in the 1970’s but has been extensively refurbished in recent years and offers 263,623 sq ft (25,000 m2) of warehouse and industrial space across nine units of varying sizes, in addition to a manned gatehouse.
Each unit benefits from a dedicated yard area, single-storey offices and allocated car parking. The estate is currently fully let to eight tenants offering a weighted average unexpired lease term of 6.3 years and is let on an average rent of £6.69 per sq ft.
UBS AM saidd that the acquisition is directly in line with the strategy of the Fund, which focuses on acquiring dominant multi-let commercial properties in growth locations. The majority of UBS Triton’s current portfolio, which comprises 31 high-quality assets, is located in the South East of the UK and predominantly weighted towards offices, the logistics sector and retail warehousing.
