Cornerstone has completed on three light sheds for a total of £28m and agreed the forward funding of a unit in Portsmouth.
The three assets were bought on behalf of clients and take the fund’s industrial holdings to over 2m sq ft of space with more than 150 tenants.
The first asset is a 78,000 sq ft light industrial unit at Eyston Way in Abingdon, Oxfordshire. It was purchased from Hansteen for £8.7m at an initial yield of 5.8%.
The second asset is at Voyager Park on the South Coast. It covers 86,000 sq ft, is fully let and its £12.1m purchase reflects a 5.8% yield.
The final purchase was in Haslemere Industrial Estate, Bishop’s Stortford. The 78,000 sq ft space was purchased for £7.1m, an initial yield of 6.7%.
In addition, the company has exchanged contracts with Chancerygate to forward fund a 75,000 sq ft shed next to Voyager Park in Portsmouth.
The fund expects to make further light industrial purchases throughout 2016.
Knight Frank acted for Cornerstone on all three acquisitions. Savills acted for Hansteen on Abingdon while JLL acted for the seller of Portsmouth and Bishop’s Stortford.
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