A Morgan Stanley Real Estate Investing and C2 Capital joint venture, Industrials.co.uk, has acquired five multi‐ let industrial estates for £23m.
The properties will provide small to medium size units, which Industrials intends to let to flexible lease terms.
The estates are located in Bromborough, Edinburgh, Leeds, Liverpool and Paddock Wood, and were acquired in four separate transactions at an average yield of 8%. The off‐market deals add to four that the JV acquired in January 2015. They are part of its £500m investment in multi‐let industrial estates.
Julian Carey, managing director of C2 Capital, said the acquisitions were part of a
“wider strategy to buy good‐ quality assets in enduring locations. These assets will join the existing portfolio that we acquired at the beginning of the year and where we are already benefiting from strong occupational demand and rental growth.”
Industrials was represented by Harris Lamb, Ryden, Knight Frank and MCCS.