Knight Frank Investment Management & Schroders have completed a sizeable series of industrial deals totalling nearly half a million in square feet.
The two firms recently completed a combined multi-let portfolio containing a total of 431,067 sq ft of industrial property.
The portfolio consists of seven multi-let industrial properties, located in – Newmarket, Leamington Spa, Crawley, Didcot, St. Albans and two more in Bristol.
Knight Frank Investment Management (KFIM) bought the assets in Bristol, Didcot and Crawley whereas Schroders acquired St Alban’s estates, Newmarket and the Leamington Spa.
Nick Cripps, Partner at Knight Frank, said: “This strategic portfolio disposal demonstrates the current depth and strength to the UK industrial market, and is further evidence that portfolio premiums are still attainable for well-balanced single sector packages where asset synergy is evident.”
A total of 33 tenants have let the various premises for purposes such as distribution, trade counter, traditional light industrial uses and more.
The new units were built in established industrial locations, and the estates are immensely desirable as they remain within a close distance from their respective city centres.
Chris Dunlop, Fund Manager at CBRE Global Investors, said: “We are delighted to have concluded the sale of this portfolio on behalf of our client. Having acquired each of the seven industrial estates between 2011 and 2014, there have been a number of asset management successes during our ownership. With pricing for multi-let industrials proving highly competitive, this was the right time for us to sell.”
For this transaction, JLL represented both Knight Frank Investment Management and Schroders.
Featured Image: Kingsland Trading Estate, Bristol