Pears Property has exchanged contracts to buy three multi-let industrial parks from the British Steel Pension Scheme for around £43m – a circa 6.25% yield.
The assets are units 1-32 in Brackmills Industrial Estate in Northampton, the Nimbus Industrial Estate in Dunstable and South Moons Moat Industrial Estate in Redditch.
Brackmills Industrial Estate comprises 274,396 sq ft of lettable space, and is currently let to 20 tenants producing £1.2m pa.
Nimbus Industrial Estate has eight units, comprising 139,103 sq ft and produces £909,018 pa.
South Moons Moat Industrial Estate is fully let, and generates £708,797 pa from 17 units which total 13,137 sq ft.
The deal is expected to complete in the new year.
Hoffman Partners advised Pears; Franck-Steier Price represented the British Steel Pension Scheme.
All parties declined to comment.
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