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Thursday, September 28, 2023

Ashtenne Industrial Fund acquires 22m+ UK portfolio

The Ashtenne Industrial Fund has completed the purchase of a portfolio of nine properties from a Manchester-based property company for a price in excess of 22 million.

The acquisitions, which are predominantly industrial assets, are spread across locations throughout the UK, although mainly Scotland including Aberdeen, Lanarkshire and Cumbernauld, plus Gwynedd and Crawley.

The initial yield was in the region of 6.5%, with an annual rent of just over 1.5 million on floor space that extends to in excess of 310,000 sq ft. The portfolio is mainly multi-let, with more than 25 tenants from companies spread across all sectors.

Angela Caldwell, Regional Director of Ashtenne, said "The purchase of this portfolio fits well with our existing Scottish portfolio and provides the Industrial Fund with its first significant holding in Aberdeen."

Simon Cusiter of King Sturge advised Ashtenne, whilst Alex Robb of Paul Gee & Co acted for the vendor.

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