Thursday, October 26, 2023
Hermes balances industrial portfolio in Liverpool
Boulevard Industry Park and Estuary Commerce Park in Speke were purchased for £58m
King Sturge has completed the acquisition of Boulevard Industry Park and Estuary Commerce Park on behalf of Hermes Pension Fund. Hermes bought the estates, treated as a single entity, from Standard Life for £58m, reflecting a net initial yield of 5.25%.
Boulevard Industry Park and Estuary Commerce Park are in Speke, Liverpool and comprise 10 units, which were developed at the end of the 1990's, totalling 703,852 ft². (65,388 m²) The purchase presents a secure income stream for Hermes which has acquired the investment on behalf of clients, Royal Mail Pension Plan.
The acquisition has helped to redress the balance of the portfolio which was underweight in the industrial sector. The Boulevard Industry Park is well positioned to benefit from the regeneration in Liverpool and the associated closing of the rental gap between Manchester and Liverpool.
Successful completion was achieved with the help of both King Sturge Liverpool and the Hermes Team based in London. The management will be retained by King Sturge in Manchester.
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The new Property Executive business directory is now online. To add a free listing for your company or to search for property companies across the UK click here.
King Sturge has completed the acquisition of Boulevard Industry Park and Estuary Commerce Park on behalf of Hermes Pension Fund. Hermes bought the estates, treated as a single entity, from Standard Life for £58m, reflecting a net initial yield of 5.25%.
Boulevard Industry Park and Estuary Commerce Park are in Speke, Liverpool and comprise 10 units, which were developed at the end of the 1990's, totalling 703,852 ft². (65,388 m²) The purchase presents a secure income stream for Hermes which has acquired the investment on behalf of clients, Royal Mail Pension Plan.
The acquisition has helped to redress the balance of the portfolio which was underweight in the industrial sector. The Boulevard Industry Park is well positioned to benefit from the regeneration in Liverpool and the associated closing of the rental gap between Manchester and Liverpool.
Successful completion was achieved with the help of both King Sturge Liverpool and the Hermes Team based in London. The management will be retained by King Sturge in Manchester.
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The new Property Executive business directory is now online. To add a free listing for your company or to search for property companies across the UK click here.
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