Stenprop has acquired two industrial estates compromising 58 units in Durham and West Bromwich for a combined £14m.
The company has bought the 136,000 sq ft Mandale Business Park on the outskirts of Durham for £11.2m from Mandale Investments, which is almost fully occupied by 31 tenants. The property generates an annual rent of £793,374.
Separately, Stenprop has acquired the Phoenix Industrial Estate in West Bromwich for £2.8m. The site compromises 21 units totalling 46,718 sq ft.
Stenprop head of investment Will Lutton said: “While appetite for well let industrial assets continues, driven by accelerating structural trends, we remain able to source and acquire properties that meet our investment criteria, with a significant pipeline of opportunities as we head towards 2021.”
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