Schroders’ Multi-Let Industrial Property Unit Trusts (MLIPUT), a sector specialist Jersey-based Property Unit Trust advised by the JLL Strategic Asset Management Team, has completed the freehold acquisition of Units 1-8 Abbeywood Park in Bristol using investment agents Alder King as the acquiring agent. The prime multi-let industrial estate totalling 42,803 sq ft was acquired from LaSalle Investment Management, advised by Knight Frank, for £5.8 million, reflecting a NIY of 5.09%.
The multi-let estate which comprises eight modern units in three terraces produces a total rent of £314,916 per annum. Tenants include Halfords, Euro Car Parts, Claranet, Oliver Crispin Robotics & CLIC Sargent.
Oli Stretton, partner in Alder King’s investment team commented: “The characteristics of this asset align directly with MLIPUT’s target criteria of prime regional multi-let industrial space offering demonstrable scope for significant rental growth.”
Graeme Rutter, Head of Schroder Real Estate Capital Partners said: “We are very pleased with the good progress made by the Jones Lang LaSalle Strategic Asset Management team in sourcing new investment opportunities for Multi-Let Industrial Property Unit Trust. This modern multi-let industrial estate with excellent connectivity is an excellent addition to the portfolio.”
Nick Thurston of Knight Frank added: “This transaction sets a new prime multi-let industrial yield for the South West. The high level of interest we had from UK institutions attracted keen competitive bidding and demonstrates the depth of demand for good quality regional estates. The lack of buying opportunities combined with the weight of money looking to invest in the regions has resulted in yield compression for ‘best in class’ assets across the UK.”