M&G buys nine industrial assets from Patrizia
M&G Real Estate has acquired nine industrial sites across the UK, totalling 1.5m sq ft. The multi-let assets were all bought from investment manager Patrizia for £165m.
The move follows the company’s plan to gain further exposure to small industrial and last-mile logistics property.
The newly acquired sites are in Bristol, Altrincham, Lancing, Haydock, Darlington, Glasgow, Newcastle-under-Lyme, Aintree and West Bromwich. They will now become part of M&G’s Project King platform, a partnership with investment and asset management business M7. The platform was launched in 2013 in response to the rapid expansion of online retailing. Following this transaction, the platform has more than £450m in assets under management.
M&G Real Estate has acquired nine industrial sites across the UK, totalling 1.5m sq ft. The multi-let assets were all bought from investment manager Patrizia for £165m.
The move follows the company’s plan to gain further exposure to small industrial and last-mile logistics property.
The newly acquired sites are in Bristol, Altrincham, Lancing, Haydock, Darlington, Glasgow, Newcastle-under-Lyme, Aintree and West Bromwich. They will now become part of M&G’s Project King platform, a partnership with investment and asset management business M7. The platform was launched in 2013 in response to the rapid expansion of online retailing. Following this transaction, the platform has more than £450m in assets under management.
Jamie Younger, director of UK and Ireland transactions at Patrizia, said: “For Patrizia, this deal represents the culmination of a successful six-year strategy to build a portfolio of multi-let industrial properties in solid locations across the UK, with significant value-add potential.”
Peter Riley, head of capital solutions and UK commercial at M&G Real Estate, said: “The fundamentals of the occupier market remain very positive, which should lead to continued rental growth and the sustainable, long-term returns that our clients seek.”
To send feedback, e-mail evelina.grecenko@eg.co.uk or tweet @Gre_Eve or @EGPropertyNews
Photo © M&G Real Estate
