Mirastar buys Kingston industrial park for £38m
DTZ Investors has completed the sale of a multi-let industrial and trade counter estate in Kingston upon Thames, south-west London, to Mirastar/KKR JV for around £38m.
The 75,376 sq ft Fairfield Trade Park was sold by DTZ Investors on behalf of the Plumbing Pension Fund. The property, which contains six units, is fully let to tenants including Royal Mail, Howdens and Magnet, with two 13,000 sq ft units becoming vacant in Q2, which Mirastar plans to refurbish and bring to the market.
Sarah O’Brien, director at DTZ Investors, said: “This disposal secures an excellent return for the Plumbing Pension Fund, having held the asset for nine years. Demand has soared for small-mid-box, last-mile distribution and trade counter units within the M25, with access to major trunk roads and affluent conurbations. We wish Mirastar every success with the estate.”
DTZ Investors has completed the sale of a multi-let industrial and trade counter estate in Kingston upon Thames, south-west London, to Mirastar/KKR JV for around £38m.
The 75,376 sq ft Fairfield Trade Park was sold by DTZ Investors on behalf of the Plumbing Pension Fund. The property, which contains six units, is fully let to tenants including Royal Mail, Howdens and Magnet, with two 13,000 sq ft units becoming vacant in Q2, which Mirastar plans to refurbish and bring to the market.
Sarah O’Brien, director at DTZ Investors, said: “This disposal secures an excellent return for the Plumbing Pension Fund, having held the asset for nine years. Demand has soared for small-mid-box, last-mile distribution and trade counter units within the M25, with access to major trunk roads and affluent conurbations. We wish Mirastar every success with the estate.”
Charles Howard, partner in the logistics and industrial team at Cushman & Wakefield, which advised DTZI on the disposal, said: “This transaction illustrates the considerable demand that exists for multi-let industrial assets, especially those in urban locations and with a stable tenant base. Investors are increasingly drawn to the London industrial and logistics sector, seeking to capitalise on the growing e-commerce-led demand for urban logistics, lack of stock and strong rental growth prospects, a trend we expect to continue throughout 2022.”
Leon Alvos, principal at Mirastar, said the property presented an excellent opportunity to grow its in-fill strategy while improving quality and ESG credentials of existing stock in supply constrained markets.
DTRE advised Mirastar on the deal.
To send feedback, e-mail samantha.mcclary@eg.co.uk or tweet @samanthamcclary or @EGPropertyNews
