Citivale JV buys Scottish industrial portfolio for £11.5m

James Appleton-Metcalfe, managing director of Citivale

Citivale, the leading Yorkshire-based development and investment company, has continued their investment drive with real estate company Investcorp to buy a portfolio of five industrial units in central Scotland for £11.5m.

The joint venture bought the fully-let 200,000 sq ft portfolio from Squarestone Growth.

The sale reflects a net initial yield of 7.68 per cent.

Located in Uddingston, Blantyre and Livingston, between Edinburgh and Glasgow, the assets house tenants including Vodafone, Clipper Logistics, Nampak, Merckk and Stanford Logistics in schemes located next to key transport connections across the M8 motorway.

James Appleton-Metcalfe, managing director of Citivale, said: “This acquisition is consistent with our JV’s strategy to acquire well-located, income-generating industrial and logistics assets based in the UK.

“The portfolio is well positioned to benefit from the UK’s thriving industrial market and strong supply and demand dynamics. We look forward to working through our attractive pipeline of new investment opportunities in the UK in conjunction with Investcorp. We have an active pipeline of deals, primarily off-market”.

Hugo Denee, managing director at Squarestone Growth, added: “The sale of these assets represents our ability to capitalise on the growing trend of increased investor appetite for high quality industrial units. The proceeds will be reinvested into the acquisition of assets that complement our growth strategy of compiling a high yielding regional portfolio of £400m assets under management.”