Industrials REIT inches closer to MLI target with £18m deal

Industrials REIT has bought three sites for £18m, as it inches closer to its target of 100% multi-let industrial assets. The company, formerly known as Stenprop, wants to become a fully-focused MLI REIT by 31 March next year. The new purchases, in Birkenhead, Coatbridge and Stockton on Tees, were bought in separate transactions reflecting a blended net initial yield of 7.1% and a capital value of £69 per sq ft. Industrials’ MLI portfolio now accounts for 92% of its total assets. The REIT has acquired 10 estates for £55m since 1 April. Head of investment Will Lutton said: “These off-market acquisitions, which offer a mix of strong day-one income and the opportunity to drive rents through our Industrials Hive operating platform, maintain the progress we have made this financial year delivering on our 100% MLI goal.” Gerald Eve advised on the sale of Junction 1 Business Park in Birkenhead. To send feedback, e-mail piers.wehner@eg.co.uk or tweet @PiersWehner or @EGPropertyNews