South African firm Stenprop has bought UK logistics platform industrials.co.uk for £127m.
The platform, a joint venture between Morgan Stanley Real Estate Investing and C2 Capital, includes 25 industrial properties across the UK comprising 2m sq ft and around 400 tenants.
The C2 Management Platform, founded in 2009 by Julian Carey, specialises in the acquisition and active management of multi-let industrial estates across the UK.
Stenprop said: “In addition to delivering growth through asset management of the MLI portfolio, it will be able to add further MLI properties on to the platform through acquisitions. Individual MLI properties tend to trade at higher yields than large portfolios as, on their own, they lack the diversification and necessary economies of scale to be efficiently operated.
“The opportunity to acquire individual MLI properties at higher yields and operate them efficiently through the C2 Management Platform should also contribute to overall growth.”
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