187,794 sq ft industrial estate acquired in £7.3m deal

Real estate manager AEW UK REIT has acquired a 187,794 sq ft industrial site in Leeds for £7.3m.

Lockwood Court on Parkside Industrial Estate is fully let to LWS Yorkshire, a logistics and storage provider for Harrogate Spring Water, on a 10-year lease from October 2018.

Located two miles south of Leeds city centre and close to J25 of the M62 and J40 of the M1, Parkside Industrial Estate houses a range of regional and national occupiers.

Alex Short, portfolio manager of AEW UK REIT, said: “This latest acquisition is a very attractive addition to the portfolio due to both its high income return and potential for value growth in the future.

“Offering a low passing rent and located in an area of high tenant demand with limited property supply, the asset fundamentals mirror those of the portfolio’s strongest performing industrials from which we saw capital value growth of 2.8% during Q4 last year alone.

“These low rented industrial assets now make up over 45% of the portfolios holdings.”