Salmon Harvester Opportunity Fund has bought Stadium Way Industrial Estate in
The freehold purchase represents an initial yield of 7.25%.
The 222,713 sq ft industrial estate is the second major investment for the £150m fund, a joint venture between Salmon Harvester Properties and NFU Mutual, following the recent acquisition of Surrey House and Lever House in
The estate generates £1.35m a year in rent and has an average lease term of five years. Tenants include Screwfix, Wolseley Centres, Travis Perkins, Howden Joinery and Newey and Eyre.
The Fund’s aim is to acquire investments nationwide across all commercial sectors, targeting lot sizes of between £5m and £25m, and aims to grow the fund to £500m over time.
Matthew Meaden, fund manager, Salmon Harvester Opportunity Fund said, “With some very strong tenants, good access and a prime location, Stadium Way Industrial Estate offers great potential for active asset management.
“This is our second major investment and we have cash resources of £100m available for further investment acquisitions.”
Hoddell Stotesbury Morgan advised Salmon Harvester; King Sturge represented The Wellcome Trust.
patrick.clift@estatesgazette.com
