Stenprop buys Norwich industrial estate
Blackrock Industrial Trust has sold Bowthorpe Park Industrial Estate, in Norwich, to multilet industrial firm Stenprop.
The 16-acre park was acquired for £19.6m, representing a net initial yield of 6.35%.
The property comprises 245,730 sq ft gross lettable space across 76 units. It is circa 94% let to tenants including manufacturers, distributers, high-tech companies and trade counters at a weighted average rental of £5.40 per sq ft.
Blackrock Industrial Trust has sold Bowthorpe Park Industrial Estate, in Norwich, to multilet industrial firm Stenprop.
The 16-acre park was acquired for £19.6m, representing a net initial yield of 6.35%.
The property comprises 245,730 sq ft gross lettable space across 76 units. It is circa 94% let to tenants including manufacturers, distributers, high-tech companies and trade counters at a weighted average rental of £5.40 per sq ft.
Stenprop said the deal, which was funded by its existing cash resources, is in line with its strategy to become a 100% multilet industrial business.
Following the deal, the percentage of these assets within Stenprop’s portfolio rose to 60% from 58%, based on total property asset value at 31 March.
This will rise further to 62% after it sells the Neucӧlln Carrée retail park in Berlin, expected to occur by no later than 15 January 2021.
Will Lutton, head of investment at Stenprop, said: “We have been encouraged by the data we have collected from our existing portfolio during the Covid-19 crisis, with evidence of pent up demand from occupiers across the country.
“That knowledge, combined with the underlying market dynamics in Norwich, which has a low void rate, is a strong indicator that this estate is well placed to deliver sustainable and growing income returns.”
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