(Alliance News) - Stenprop Ltd on Tuesday said it has acquired three multi-let estates in Edinburgh, Cardiff and Wigan in separate transactions for GBP11.8 million.
The UK-based industrial property company said this brings total number of multi-let industrial acquisitions since September 30 to five for an aggregate value of GBP25.8 million.
The 81,495 square feet estate in Wentloog, Cardiff, has been acquired for GBP6.3 million, reflecting a net initial yield of 6.3%, in an off-market transaction. It currently generates a total annual passing rent of GBP417,611.
Stenprop has also acquired R6 Industrial Estate in Newbridge for GBP3.9 million, reflecting a net initial yield of 6.4%. The recently refurbished 31,860 square feet estate generates an annual passing rent of GBP264,510.
The final transaction is the purchase of Otterwood Square in Wigan for GBP1.7 million, reflecting a net initial yield of 6.6%. The 18,867 square feet property comprises 12 units, generating a current passing rent of GBP117,000.
"These three multi-let industrial estates are in excellent industrial locations and offer strong day one income alongside a range of both near and longer-term asset management opportunities to drive rents and capital growth," said Will Lutton, head of Investment at Stenprop.
"Reflecting the compelling fundamentals underpinning the sector, alongside the strength of our proprietary industrials leasing platform, we remain on track to be 75% multi-let industrial by the end of the current financial year," added Lutton.
Stenprop shares were untraded in London on Tuesday, last closing at 135.00 pence each, while in Johannesburg the stock was down 3.8% at ZAR25.51 a share.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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