Fund acquires Aberdeen estate

A major Aberdeen industrial estate has been snapped up by a property fund as part of a deal totalling £37 million.

Warehouse REIT, a specialist investor structured as a real estate investment trust, said it had acquired the Murcar industrial estate, which offers 125,000 square feet of accommodation and is let to a number of occupiers.

The 8.5-acre site is situated within the Bridge of Don industrial and business area, and is said to benefit from its “prominent position fronting the A90 dual carriageway” and proximity to Aberdeen city centre, some four miles away. The Murcar estate is arranged across four separate terraces and is 100 per cent let to a range of occupiers, generating a total net passing rent of £776,030 per annum.

As part of the £37m transaction, Warehouse REIT has also acquired the freehold of two large John Lewis distribution units in Northampton, totalling some 336,000 sq ft.

The warehouses are situated within the Brackmills Industrial Estate, one of the UK’S biggest distribution locations. Other local occupiers include Asda, DHL and Yodel.

The firm noted: “With 85 per cent of the UK’S population within a 4.5-hour HGV time of Northampton, the warehouses are extremely well positioned to support John Lewis’ growing ecommerce operations, where its online sales are forecast to rise to over 50 per cent by 2020.”

Andrew Bird of fund manager Tilstone said: “Following the successful fund raise providing the REIT with £120m of capital to deploy, it is pleasing to deliver these high quality acquisitions, including another from our identified nearterm pipeline at the time of the equity raise, as we continue to demonstrate that we have the team in place to originate and acquire a range of favorably yielding opportunities across the UK.

“The Murcar industrial estate will deliver attractive day one income,” he added.