Aviva Investors has acquired the Skyline 120 industrial estate in Braintree, Essex, for £17.9m – £2.1m above the asking price.
The sale represents a net initial yield of just over 6.25%.
The 178,797 sq ft estate includes seven building and is multi-let to six tenants for an unexpired term of 9.3 years.
Average rent at the park is £6.55 per sq ft.
Philip Nell, manager of the Aviva Investors Property Trust, said: “Skyline 120 benefits from a well-diversified occupier base and a long income profile which we believe will help deliver strong levels of investment performance. The purchase of this estate complements the fund’s existing portfolio of assets.”
