Major West Midlands industrial park sold as part of £44m deal
Warehouse REIT, the AIM-listed property investor, has bought a major West Midlands industrial estate as part of a wider £43.6m deal.
The company has swooped for Gateway Park, a 28-unit industrial estate totalling 220,000 sq ft adjacent to Birmingham Airport.
The park generates £1.3m a year of contracted rent and is let to tenants including global 3PL FedEx, pan-European freight distributor Circle Express and Swissport cargo services.
Warehouse REIT has also bought similar facilities in Basingstoke, Avonmouth, Cardiff and Ebbw Vale.
Andrew Bird, managing director of the investment advisor, Tilstone Partners, said: “This is an increasingly rare opportunity to acquire an immediately accretive and diverse portfolio of assets which fits with our stated investment strategy, whilst offering both short and longer-term asset management opportunities through a mixture of vacancy and short income.
“Despite strong competition for industrial assets, as an increasingly diverse range of occupiers seek to ensure their businesses are fit for purpose as e-commerce penetration accelerates, we continue to originate and successfully execute on attractive transactions. The focus remains on deploying the balance of the equity from July’s capital raise, leveraging our local market relationships to secure off market opportunities, in order to further improve the portfolio metrics and generate shareholder outperformance.”
