Industrials REIT has made its first investment since being bought by Blackstone.
The UK multi-let industrial platform has bought the Rochester Trade Park from clients of Swiss Life Asset Managers UK for an undisclosed price.
The 40,000 sq ft estate comprises 14 units between 1,500-6,000 sq ft, which are currently fully occupied. A 2,000 sq ft unit was let at the end of last year for £29,000 pa.
The trade park is less than a mile from Junction 3 of the M2. The REIT said it had strong reversionary potential due to its established South East location, where supply of high-quality industrial space is well below demand.
Blackstone’s £700m deal to buy the REIT completed in June.
The REIT’s head of investment, Will Lutton, said: “With the support of Blackstone as a committed and well-capitalised owner, we continue to pursue opportunities that will allow us to further scale the Industrials REIT platform and this is the first stage in that process under our new owner.
“Rochester Trade Park is a first-class industrial estate that presents the opportunity to capture rental reversion and create value through both active asset management and the efficiencies of our operating platform.”
Industrials REIT was advised by DTRE on the transaction and Swiss Life was advised by BNP Paribas Real Estate.
To send feedback, e-mail piers.wehner@eg.co.uk or tweet @PiersWehner or @EGPropertyNews
