Kier sells Trade City schemes for £32m
Kier Property has sold two of its Trade City developments in Kent for more than £30m.
Royal London Asset Management paid £20m for the 54,000 sq ft space in Maidenhead, while Legal & General’s Industrial Property Investment Fund paid £11.85m for a six-unit scheme in Gravesend.
Kier completed the Maidenhead development last October, preletting 35,000 sq ft to Furniture Village and letting four of the six smaller units. It bought the 1.3ha site on the Cordwallis Industrial Estate in July 2017, selling off part of it in 2019.
Kier Property has sold two of its Trade City developments in Kent for more than £30m.
Royal London Asset Management paid £20m for the 54,000 sq ft space in Maidenhead, while Legal & General’s Industrial Property Investment Fund paid £11.85m for a six-unit scheme in Gravesend.
Kier completed the Maidenhead development last October, preletting 35,000 sq ft to Furniture Village and letting four of the six smaller units. It bought the 1.3ha site on the Cordwallis Industrial Estate in July 2017, selling off part of it in 2019.
Nick Short, senior asset manager at RLAM, said: “Having previously acquired the adjacent Cordwallis Business Park in 2018, we are delighted to have completed this purchase and grown our industrial holding in Maidenhead. Furthermore, the strong ESG credentials of the units will help contribute towards our fund’s ambitious targets in this area.”
Kier completed the Gravesend site in December, after buying the wider 1.6ha site in 2018, part of which is now a Lidl.
The scheme has a BREEAM Excellent rating and hosts occupiers Screwfix, Tool Station and Easy Bathrooms.
Jonathan Holland, IPIF senior fund manager, said: “The acquisition of Trade City Gravesend continues IPIF’s strategy of recycling capital into high-quality, well-located multi-let assets with a weighting towards the South East.
“The fund has significant trade counter exposure and the management platform to ensure further value is created for our investors. The purchase is one of a large number completed by the fund over 2021, with a strong pipeline in place for 2022.”
Kier has developed more than 6m sq ft of industrial space under its Trade City and Logistics City brands, with schemes in Andover, Luton, Manchester, Whiteley and Winsford.
Kier Property was advised by LSH and Savills. RLAM was advised by ClayStreet.
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