Real estate investment manager Valad Europe has sold Hartlebury Trading Estate, Worcestershire to Schroder UK Property Fund for £46.2 million representing a net initial yield of 10.15 per cent. The sale was made on behalf of The Industrial Trust.
As Worcestershire’s largest industrial estate, Hartlebury Trading Estate is strategically located just 23 miles south of Birmingham, 74 miles north of Bristol and 130 miles north-west of London. Occupying a 180 acre site with a total floor area of 1.4 million sq ft, the Estate comprises 182 units let to around 85 tenants including TNT, Fedex, Forest Garden and Just for Pets.
Rob Howe, Valad Europe’s Head of UK Real Estate, said: “Prior to identifying a purchaser for Hartlebury Trading Estate, we completed a comprehensive programme of intensive asset management and a rolling property maintenance plan, which reduced the void on the Estate by 60 per cent in the past 12 months. Intensive management of this kind is only achievable with local teams of asset managers who have the requisite level of skills and local knowledge about both the assets and the occupier market.”
The Industrial Trust is a UK multi-let industrial fund, asset managed by Valad Europe and fund managed by Rockspring Property Investment Managers.
Joiner Cummings acted for The Industrial Trust.
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