Industrials REIT buys £17m more MLI

Industrials REIT has added more multi-let industrial assets to its portfolio for £17m. The REIT spent £9.11m on three industrial terraces at Belmont Industrial Estate in Durham, reflecting a net initial yield of 5.17%. The acquisition adds another 31 units and 82,500 sq ft to its industrials portfolio and generates a rent of £550,000 per year. The REIT previously bought a 136,000 sq ft, 37-unit estate at the site in 2020. It also paid £7.9m for the 90,847 sq ft Beacon Business Park in Caldicot, south Wales. The 23 units generate rent of £506,720 per year, giving a net initial yield of 6%. Will Lutton, head of investment at Industrials REIT, said: “With these acquisitions we have added a new, high-quality MLI estate to our portfolio as well as consolidating our holding at Belmont Industrial Estate in Durham. We have identified several opportunities to grow income and asset value from these estates by leasing up the existing vacancy utilising our Industrials Hive operating platform.” To send feedback, e-mail piers.wehner@eg.co.uk or tweet @PiersWehner or @EGPropertyNews