Urban Portfolio – Crawley, Guildford, Milton Keynes, Solihull and WithamMake an enquiry
FSP has recently completed the acquisition of a prime multi-let industrial portfolio on behalf of Legal & General.
The portfolio comprises five multi-let industrial estates located in Crawley, Guildford, Milton Keynes, Solihull and Witham. The properties extend to a total of 371,185 sq.ft with a WAULT to breaks of 3.6 years and to expiries of 5.3 years. The total income is £2,818,447 per annum.
The portfolio was acquired for £55,100,000 which reflected a net initial yield of 4.79%.
The vendor was CBRE Global Investors, represented by DTRE.
Ben Blackwall, Director at FSP ‘The portfolio provided L&G with a fantastic opportunity to acquire a prime multi-let industrial portfolio with significant asset management opportunities available. 66% of the income has a lease event in the next 18 months and there are 10 outstanding rent reviews. The occupational story in each location is also strong with good interest in the small number of vacant units available.’