Investcorp has bought Custodian’s portfolio of seven UK sheds for £32.6m.
The industrial properties amount to a total of 360,000 sq ft with 12 tenants, across two multi-let and five single-let sites in Bedford, Warrington, Stone, Gateshead, Stockton-on-Tees, Christchurch and Aberdeen.
The deal is Investcorp’s 13th acquisition in the UK industrial and logistics market since it launched its European real estate business in 2017. It has built up a portfolio of 51 properties totalling 4.4m sq ft, spending around £300m in the sector over the past four years.
European real estate managing director Neil Hasson said: “We believe that the UK industrial sector is set to become one of the strongest drivers of real estate, as Covid-19 has rapidly accelerated the shift to online retailing, and subsequently, the demand for industrial space.
“We believe that our portfolio is well-positioned to benefit from this thriving market, and we look forward to working through an attractive pipeline of new investment opportunities in the UK.”
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