Industrials REIT has bought three sites for £18m, as it inches closer to its target of 100% multi-let industrial assets.
The company, formerly known as Stenprop, wants to become a fully-focused MLI REIT by 31 March next year.
The new purchases, in Birkenhead, Coatbridge and Stockton on Tees, were bought in separate transactions reflecting a blended net initial yield of 7.1% and a capital value of £69 per sq ft.
Industrials’ MLI portfolio now accounts for 92% of its total assets. The REIT has acquired 10 estates for £55m since 1 April.
Head of investment Will Lutton said: “These off-market acquisitions, which offer a mix of strong day-one income and the opportunity to drive rents through our Industrials Hive operating platform, maintain the progress we have made this financial year delivering on our 100% MLI goal.”
Gerald Eve advised on the sale of Junction 1 Business Park in Birkenhead.
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