Kennedy Wilson Europe has completed the acquisition of two distribution warehouses at the Orion Business Park, Ipswich, for £11.6m – a yield of 8.1%.
Acquired in two separate transactions, the two adjoining units are fully let to local and national logistics companies and offer over 203,000 sq ft of space with a WAULT of 5.3 years (7.9 years to expiry).
Following this acquisition, KWE’s UK industrial portfolio now includes 31 assets comprising over 3.1m sq ft, with a total investment value of £200.8m. The portfolio is 96% occupied with a WAULT of 5.7 years (7 years to expiry).
Mike Pegler, head of asset management, said: “Situated within close proximity to Felixstowe port, the UK’s biggest container port, Orion Business Park provides good access to the port within an improving logistics centre. This, alongside low average in place rents of circa £5 per sq ft, provides us with good options to grow income and enhance values.”
KWE is an LSE-listed property company that invests in real estate across the UK, Ireland, Spain and Italy.
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