Cornerstone Real Estate Advisers has acquired two light industrial properties in Oxford and Lancashire for a combined £28m.
These transactions follow on from the company’s purchase of three UK light industrial estates for £35m earlier this year and take Cornerstone’s UK light industrial portfolio up to around 3m sq ft with a total value of £165m.
Cornerstone has bought Oxford Industrial Park for £17.6m from the Universities Superannuation Scheme, reflecting a net initial yield of 7.5%. The 171,000 sq ft property comprises 15 units. Dowley Turner Real Estate acted for Cornerstone, Jones Lang LaSalle for USS.
Cornerstone also bought Buckshaw Link in Chorley, Lancashire from CBRE Global Investors for £10.5m, reflecting a yield of 7% going to 9% when fully let. The 225,000 sq ft property comprises 20 units, of which four are vacant.
Dowley Turner Real Estate acted for Cornerstone, Jones Lang LaSalle for the vendor.
sophia.furber@estatesgazette.com
