Stenprop, a multi-led industrial (MLI) property company, has announced the acquisition of three estates for a total of £11.8m.
The trio of sites situated in Edinburgh, Cardiff, and Wigan has brought the firm’s total number of MLI acquisitions since 30 September 2020 to five, for an aggregate value of £25.8m.
The Edinburgh site is located at an industrial estate in Newbridge and comprises 31,860 sq ft of logistics space at an annual passing rent of £264,510.
Some £6.25m was spent by Stenprop on acquiring the 81,495 sq ft site in Wentloog, Cardiff, that includes 13 units and belongs to the firm’s freehold-owned capital business park estate.
The final transaction has provided Stenprop with a 12-unit development at Otterwood Square in Wigan, for a fee of roughly £1.7m.
Will Lutton, head of investment at the company, 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.
“In line with previous acquisitions, our strategy is to work closely with the occupiers to align their occupation with various estate management improvements.”
The acquisitions bring Stenprops total investment since 1 April 2020 to £66m, with MLI estates targeted to account for 100% of the firm’s portfolio by the end of the next financial year.