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UK land and property regeneration group Harworth has acquired a 285,000sqft prime urban logistics estate in Rotherham, South Yorkshire for  拢43.7m (鈧�52.2m), reflecting a net initial yield of 5.4%.

Comprising five units, the scheme is 90% let to a diverse range of occupiers, Harworth said, adding that when fully let the scheme will generate 拢2.5m of annualised rent.

The acquisition is in line with Harworth鈥檚 strategy to grow its investment portfolio to 拢0.9bn by the end of 2029 and transition its core portfolio to 100% Grade A by 2027. 

Lynda Shillaw, CEO of Harworth, said: 鈥淭his acquisition, the largest of an industrial and logistics investment asset in Harworth鈥檚 history, aligns with our strategy to grow our high-quality investment portfolio. It also continues our track record of strategic site assembly, providing an opportunity to extend the AMP [the Advanced Manufacturing Park], further establishing it as one of the leading manufacturing and distribution centres in the region.

鈥淚ncreased direct development and the retention of Grade A industrial and logistics assets across our major sites, supplemented by select, income producing acquisitions, is core to our strategy, whilst we will also look to recycle properties where value has been maximised through completed asset management initiatives.鈥�

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