Cornerstone Real Estate Advisers has acquired three light industrial assets comprising over 570,000 sq ft (53,000 m2) in three separate deals totalling £35 mln (€41 mln), on behalf of two clients.
Cornerstone Real Estate Advisers has acquired three light industrial assets comprising over 570,000 sq ft (53,000 m2) in three separate deals totalling £35 mln (€41 mln), on behalf of two clients.
The acquisitions, involving Monkspath Business Park in Solihull, Evolution in Sheffield and Kingston Bridge in Glasgow, bring Cornerstone’s UK light industrial portfolio to a total of around 2.5 million sq ft.
In a statement, Cornerstone said it aims to take advantage of both the attractive income yields in this sector and the opportunities to create value through active management.
In Solihull, Cornerstone has acquired Monkspath business park from clients of Schroders for £18.25 mln. The property comprises 41 modern warehouse units spread over 360,000 sq ft. Jones Lang Lasalle acted for Cornerstone, CBRE for the vendor.
On behalf of a pension fund client, Cornerstone has acquired Evolution in Sheffield from a joint venture between Harworth Estates and Strategic Sites for £7.2 mln. The newly built asset comprises 12 units across 87,500 sq ft and is fully let to a range of blue chip tenants.
On behalf of an insurance company client, Cornerstone has acquired Kingston Bridge Trading Estate for £8.7 mln. The estate currently produces a rent of £740,000 per annum and has a weighted unexpired lease term in excess of five years. Ryden acted for Cornerstone, Knight Frank for the vendor.
'These acquisitions are excellent examples of the kind of assets we target in this segment of the market,' said Nick Pink, CIO of Cornerstone Europe. 'They are dominant estates in strong local markets, which also provide our asset managers with immediate opportunities to enhance the net income, in order to generate strong returns for our clients.'