BCCIM, a joint venture between UK based real estate investment and development specialist, Barwood Capital, and specialist institutional investor, Caisson iO, has successfully completed its seventh acquisition on behalf of the Urban Industrial Income LP (UII) with the purchase of Airfield Industrial Estate in Christchurch, Dorset, for £4.5 million, reflecting a 4.8% net initial yield (NIY) and a capital value of £155 per square foot (psf).
Strategically located in a well-established industrial area, Airfield Industrial Estate comprises 29,000 sq ft across six units. BCCIM plans to rebrand the estate while working closely with existing occupiers, including Howdens and General All Purpose Plastics Ltd, to enhance its long-term value.
A key focus will be on reviewing and improving the estate’s sustainability credentials, aligning with BCCIM’s commitment to ESG initiatives. The single vacant unit will undergo refurbishment as part of a targeted leasing strategy to attract a tenant that compliments the estate’s current occupier mix.
Launched in May 2021, UII is dedicated to investing in multi-let and urban industrial assets across key regional locations in the UK. The addition of Airfield Industrial Estate brings UII’s total assets under management (AUM) to nearly £60 million, covering approximately 580,000 sq ft of industrial space.
James Burgess, Director, Investment Management at Caisson iO, commented:
“We are delighted to secure another high-quality asset for UII. Christchurch is an excellent industrial location on the South Coast, benefiting from strong transport links and proximity to Bournemouth and Poole. With a sound tenant profile and a robust local occupational market, we look forward to delivering our business plan swiftly.”
Jonathon Ellerington, Investment Director at Barwood, commented:
“The acquisition of Airfield Industrial Estate is an excellent addition to UII, aligning well with our overall Fund strategy as we continue to expand the portfolio. We remain committed to the sector and seek further opportunities owing to the favourable sector specific market dynamics.”
The property was purchased from a private seller. LSH and Penningtons Manches Cooper advised BCCIM. JLL and Cripps advised the seller.
