Stenprop has made its first acquisition during the Covid-19 pandemic, buying a portfolio of four warehouses.
The company has paid £3.7m for the adjoining properties in Burton upon Trent’s Stretton Business Park in Staffordshire, reflecting a net initial yield of 6.9%.
The deal takes the company nearer its goal of being entirely focused on the multi-let industrial market.
Will Lutton, Stenprop’s head of investment, said: “Despite the challenging macroeconomic backdrop, the outlook for the multi-let industrial sector in the UK remains strong.
“The sector is underpinned by a number of prevalent structural trends, led by e-commerce penetration, which have accelerated considerably as a result of Covid-19 lockdown.
“We were close to acquiring this property prior to the coronavirus outbreak in March and are pleased to have completed the acquisition on renegotiated terms three months later.”
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