Capital & Regional (C&R) confirmed this morning its acquisition of the T3 trade park portfolio from AXA and Warner Estate for £96m, reflecting a net initial yield of 5.25%.
The portfolio comprises 23 trade parks located nationwide from Plymouth to Aberdeen and 10 industrial estates.
C&R beat seven other bidders including Brixton and UK Land.
Senior debt is being provided by Euro Hypo with the balance being provided from Capital & Regional’s own resources.
Andrew Lewis-Pratt, director of Capital & Regional, said: “This purchase represents a unique opportunity for us to invest in a niche retail-based sector which is currently fragmented and unsophisticated.
“It therefore offers exciting opportunities for us to utilise our specialised skills to maximise its potential.”
King Sturge acted for C&R; Knight Frank advised T3.
References: EGi News 15/11/05
