Industrial property firm expands multi-let footprint with £19.6m acquisition
A property firm specialising in multi-let industrial (MLI) assets has expanded its reach with a multi-million pound acquisition.
Stenprop has completed the purchase of Bowthorpe Park Industrial Estate in Norwich from Blackrock Industrial Trust for a total consideration of £19.6m.
The acquisition is in line with Stenprop’s strategy to become a 100 per cent UK MLI business. As a result of this acquisition, the percentage of MLI assets within Stenprop’s portfolio rose from 58 per cent to 60 per cent.
Will Lutton, head of investment at Stenprop, commented: “We are pleased to have secured this estate, which fits well with our investment criteria. The small average unit size mirrors our existing portfolio and variety of occupiers provides diversification of income.
“We are confident we can drive performance through the roll-out of our Industrials.co.uk leasing platform and flexible leasing model across the asset.
“We have been encouraged by the data we have collected from our existing portfolio during the COVID-19 crisis, with evidence of pent up demand from occupiers across the country.
“That knowledge, combined with the underlying market dynamics in Norwich, which has a low void rate, is a strong indicator that this estate is well placed to deliver sustainable and growing income returns.”
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