CBRE Global Investors has completed the acquisition of a portfolio of three prime industrial estates on behalf of the CBRE UK Property PAIF. The estates have all been developed under Kier Property’s Trade City Brand.
The prime multi-let industrial portfolio comprises three newly-built industrial estates in Watford, West Thurrock and Oxford, developed in 2016/2017 by Kier Property, an established industrial developer known for delivering high quality developments. Covering a combined total of 126,900 sq ft, the assets contain 30 units designed specifically for trade and light industrial businesses and include a number of established national tenants such as Topps Tiles, Screwfix and Toolstation.
Each asset is strategically situated within core urban industrial locations; Watford and West Thurrock benefit from main road frontages with exceptional connectivity to Central London, North East London and the M25. Oxford has excellent connectivity to Oxford City Centre and the wider South East markets via the M40 & A34.
Jamie Phillips, Portfolio Manager at CBRE Global Investors, said: “The acquisition is consistent with our continued emphasis on prime real estate in desirable locations. Having bought Logistics City in West Thurrock earlier in 2017, we have confidence in the quality of this product. All three properties have the benefit of favourable local market conditions, and have strong appeal to prospective tenants. Performance from within our industrial portfolio has been strong in recent times and this acquisition supports our strategy to gain increased exposure to this market.”
Pip Prongué, Managing Director, Kier Property (South), commented: “We are pleased to announce the sale of these three sites, all of which have been a great success in terms of attracting major occupiers.”
Phil Sutton, Senior Director, Kier Property added: “This is also the first time we have completed a portfolio sale, which is something I am personally proud of.”
Nick Cripps, Partner at Knight Frank, said: “This acquisition has given the CBRE UK Property PAIF exposure to new-build product in prime infill industrial markets with very high barriers to entry. This will allow the Fund to capitalise on the tangible growth in these markets.”
Knight Frank represented CBRE Global Investors alongside CBRE and CMS Cameron McKenna Nabarro Olswang.
DTRE represented KIER, alongside Dentons and Pinsent Masons.