British multi-tenancy industrial property company (MLI) Industrials REIT has invested £21m (€24.4m) to buy four industrial estates.
Industrials REIT said it paid £4 million to buy the 58,148 square foot Haven Business Center in Boston, invested £5.9 million to buy the 54,978 square foot Twibell Street Trade Park asset in Barnsley, bought the 72,069sqft Astra Park asset in Leeds for £6.7m and acquired 75,270sqft Units 1-12 at Primrose Hill Industrial Estate in Stockton on Tees for £4.3m sterling.
The acquired assets bring the listed company’s MLI portfolio to 105 domains across 7.1 million square feet of space.
Will Lutton, Chief Investment Officer at Industrials REIT, said: “These properties, which bring our MLI portfolio beyond 7 million square feet, are fully aligned with our goal of investing in multi-tenancy industrial estates built at for this purpose, leased at low rents and located in densely populated areas with high economic activity.
“The regional MLI market is characterized by a record vacancy rate and strong demand for tenants, as evidenced by the 100% occupancy rates of these assets.
“In addition to a mix of short-term and longer-term asset management opportunities, we are confident to capitalize on current demand to generate rental income through our Industrials Hive operating platform.”
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