CBRE Global Investors is pleased to announce the sale of The Atlas Portfolio to clients of Knight Frank Investment Management (KFIM) and Schroders (Multi-Let Industrial Property Unit Trust).
The portfolio comprises seven multi-let industrial estates in Bristol (x2), Newmarket, Leamington Spa, Crawley, Didcot and St. Albans. Covering a combined total of 431,067 sq ft, the assets are let to 33 tenants for trade counter, distribution and traditional light industrial uses, including a number of established national tenants such as Wolesley, Howdens, Dennis Eagle and Chubb. The assets are located in established industrial locations, proximal to the respective city centres.
KFIM purchased the Bristol, Didcot and Crawley assets whilst Schroders acquired the Leamington Spa, Newmarket and St Albans estates.
Chris Dunlop, Fund Manager at CBRE Global Investors, commented: “We are delighted to have concluded the sale of this portfolio on behalf of our client. Having acquired each of the seven industrial estates between 2011 and 2014, there have been a number of asset management successes during our ownership. With pricing for multi-let industrials proving highly competitive, this was the right time for us to sell.”
Nick Cripps, Partner at Knight Frank, said: “This strategic portfolio disposal demonstrates the current depth and strength to the UK industrial market, and is further evidence that portfolio premiums are still attainable for well-balanced single sector packages where asset synergy is evident.”
Knight Frank represented CBRE Global Investors alongside Osborne Clarke.
JLL represented KFIM and Schroders (Multi-Let Industrial Property Unit Trust), alongside Eversheds.