The estate, let to over 80 tenants including Fedex, TNT, Just for Pets and Forest Garden across 182 units and 180 acres totalling 1.4 million sq ft, provides a dominant industrial estate servicing an affluent area of the Midlands.
James Lass, Fund Manager for SPF said:
"A focus on good quality secondary property benefitting from low passing rents has been a core part of the SPF acquisition strategy for some time. We continue to find value in assets of this nature which complement the existing high quality portfolio. This dominant industrial estate provides a diversified income stream with low rental levels, strong tenant retention and further asset management opportunities. Regional industrial provides a substantial yield arbitrage relative to comparable product in the south east meaning attractive returns
can be achieved without reliance on rental growth."
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