Ashtenne has bought two industrial estates in Wales for £9m, reflecting an initial yield of 11%, in its first acquisition since going public at the start of the month.
It has exchanged contracts to buy 46,500 sq m (500,000 sq ft) of industrial accommodation at the Cwmdu Industrial Estate and Lonlas Industrial Estate, near Swansea, South Wales.
“The properties are an ideal fit for us and complement our 17 other industrial estates in South Wales. The estates offer good potential for both income and capital growth in a region where demand for industrial property is going from strength to strength,” said Morgan Jones, joint chief executive of Ashtenne.
King Sturge & Co advised Ashtenne and have been retained as letting and managing agents.
EGi News 01/08/97
