Industrials.co.uk, a Morgan Stanley Real Estate Investing and C2 Capital joint venture, has acquired a two industrial estates, taking its portfolio to 2 million sq ft.
Industrials.co.uk has acquired Anniesland Business Park, Glasgow, from Hermes Investment Management, and Capital Business Park, Cardiff, from JR Smart. These deals increase the portfolio to a total of 25 estates and 2 million sq ft which has been acquired in just over two years.
Anniesland Business Park comprises 182,000 sq ft of multi-let industrial accommodation let to a variety of local and national occupiers including PHS, Wolseley, GAP Group and Howden. The Estate borders the Bearsden area of Glasgow, ranked the 7th wealthiest area in Britain in a 2005 survey.
Simon Ross, Asset Manager at C2 Capital, said:
“We are excited to be the new owners of Anniesland Business Park and have great plans to further enhance the estate over the coming years. We hope to make some announcements in the coming weeks surrounding new tenants moving to the estate, and intend to build on this momentum to establish Anniesland as one of the premier trade and industrial centres in Glasgow.”
Capital Business Park comprises the underlying freehold interest of the 50-acre business park, in addition to 95,000 sq ft of modern multi-let industrial units built between 2007 and 2013 and let to 13 tenants. In addition, JR Smart sold off the adjoining 28-acre site in 2010 to Aldi who is now nearing completion of its new 454,000 sq ft, £59.5 million regional distribution centre, creating jobs for 260 people and supplying goods to the South-West of England and South Wales.
Julian Carey, Founder and Managing Director of C2 Capital, added:
“We are delighted to have acquired Capital Business Park for our Industrials.co.uk platform. JR Smart have developed a high-quality scheme offering industrial occupiers attractive and modern accommodation in a secure, business park environment. The acquisition fits neatly with our strategy of acquiring good quality estates in densely populated areas, and we are delighted to own one of the best parks in Wales. In conjunction with Glasgow, this take our total acquisitions to 2m sq ft of multi-let industrial space in the last 2 years, and we intend to grow this further during 2017 and beyond.”
On Cardiff, Savills and Willowford Asset Management acted for Industrials.co.uk, whilst Jenkins Best acted for JR Smart. On Glasgow, Industrials.co.uk was represented by Knight Frank, whilst Hermes was represented by LSH.