Abrdn’s Airport Industrial Property Unit Trust has bought Tesla’s Crawley base, making it one of the largest industrial real estate owners in and around Gatwick.
The £5m deal for the base, which reflected a yield of above 4%, is AIPUT’s second Gatwick acquisition in three months.
The location measures 17,000 sq ft on a 1.1-acre site. It is one of eight Tesla locations serving London and the South East.
Features include a high-tech maintenance service facility, eight supercharging points and an experiential showroom. It also has a substation.
Nick Smith, fund manager for AIPUT, said: “This new addition to AIPUT’s Gatwick industrial portfolio sits in precise alignment with our strategy to diversify our portfolio, investing in market-leading businesses that actively promote new technology, positive mobility and the critical decarbonisation of transport and logistics within the ecosystems of London’s primary airports.”
AIPUT said that prime industrial rents in Crawley are now moving close to the £16 per sq ft mark.
The acquisition follows the fund’s purchase of the nearby Fleming Business Centre in October last year, which has a combined gross internal area of 95,000 sq ft.
The fund now owns nearly 300,000 sq ft of space, worth more than £100m, in and around the airport.
AIPUT was represented by Kimmre and Eversheds Sutherland, with JM & Co acting for the vendor.
To send feedback, e-mail pui-guan.man@eg.co.uk or tweet @PuiGuanM or @EGPropertyNews
See which agents are doing the most industrial investment deals with our On-Demand Rankings >>
