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Valad Europe has completed on an additional three deals comprising six distribution warehouses for a total of GBP20.4m on behalf of the Select Industrial Real Estate Fund (SIRE).
SIRE is a joint venture between Valad Europe and Grindrod Financial Services.
SIRE purchased four self-contained distribution warehouse units at Stonebridge Cross Business Park in Droitwich, just off the M5 motorway, comprising 188,375 sq ft of industrial space, for GBP11.7m, reflecting a net initial yield of 7.55 per cent. Currently let to four occupiers, Zenith Hygiene Group d, Kimal Plc, AKW Medi-Care and Barton Cold-Form UK, the units have a weighted unexpired lease length of nine years and are located within a business park which is emerging into a premier distribution location.
SIRE also purchased a 90,374 sq ft distribution warehouse at Leacroft Road in Warrington for GBP4.9m, reflecting a net initial yield of 7.9 per cent, and a 60,364 sq ft distribution warehouse at Unit 9A, Castlewood Business Park, Sutton in Ashfield, Derbyshire for GBP3.8m at a net initial yield of 7.96 per cent. Both assets are let to single tenants on five and 15 year leases respectively.
David Kirkby, Valad Europe’s chief investment officer, says: “We are targeting high quality UK distribution warehouse assets, typically between GBP5m to GBP25m lot sizes, with good income generation and potential income growth. These three latest acquisitions meet that investment criteria and are strong additions to the existing SIRE portfolio.”
In 2013, Valad Europe created a joint venture separate account mandate with Grindrod Financial Services to build a portfolio of UK industrial real estate assets with an initial target gross asset value of GBP100m. The joint venture is seeded with equity contributed from a combination of individual private equity investors, South African institutions, Grindrod Financial Services and Valad Europe, which is being used to acquire strategic assets across the UK in lot sizes of between GBP5m and GBP25m.
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