Stendrop continues multi-let industrial transition with three acquisitions
Multi-let industrial property Stendrop has acquired three multi-let estates totalling £11.8 million.
The three estates in Edinburgh, Cardiff, and Wigan have been purchased in separate transactions for a total consideration of £11.82 million. Bringing the total number of MLI acquisitions since 30th September 2020 to five for an aggregate value of £25.8 million.
The 81,495 sq ft estate in Wentloog, Cardiff has been acquired for £6.25 million.
The 13-unit, estate is occupied by a mix of national and international occupiers, including FedEx and National Grid.
Stenprop has also acquired R6 Industrial Estate in Newbridge totalling at 31,860 sq ft for £3.9 million, reflecting a NIY of 6.4%.
The final transaction is the purchase of 18,867 sq ft Otterwood Square in Wigan for £1.67 million, reflecting a NIY of 6.6%.
Will Lutton, Head of Investment at Stenprop said: “These three MLI estates are in excellent industrial locations and offer strong day one income alongside a range of both near and longer-term asset management opportunities to drive rents and capital growth.”
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