UK multi-let industrial (MLI) property company Industrials REIT has invested 拢21m (鈧�24.4m) to buy four industrial estates.
Industrials REIT said it paid 拢4m to buy the 58,148sqft Haven Business Centre in Boston, invested 拢5.9m to buy the 54,978sqft Twibell Street Trade Park asset in Barnsley, bought the 72,069sqft Astra Park asset in Leeds for 拢6.7m and has acquired the 75,270sqft units 1-12 at Primrose Hill Industrial Estate at Stockton on Tees for 拢4.3m.
The acquired assets lift the listed firm鈥檚 MLI portfolio to 105 estates across 7.1m sqft of space.
Will Lutton, the head of investment at Industrials REIT, said: 鈥淭hese properties, which take our MLI portfolio past 7m sqft, are fully aligned with our objective of investing in purpose-built multi-let industrial estates let off low passing rents and located in densely populated areas which are witnessing strong economic activity.
鈥淭he regional MLI market is characterised by record low vacancy and strong tenant demand, demonstrated by the 100% occupancy levels across these assets.
鈥淚n addition to a mix of near and more medium-term asset management opportunities, we are confident of capitalising on current demand to drive rents through our Industrials Hive operating platform.鈥�
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