Cornerstone Real Estate Advisers Europe announces that it has acquired Oxford Industrial Park and Buckshaw Link industrial estates for a combined consideration of £28 million on behalf of an in house client.
These two acquisitions follow the Company’s purchase of three UK light industrial estates for £35 million earlier this year and take Cornerstone’s UK light industrial portfolio up to around 3 million ft² with a total value of £165 million. Cornerstone is seeking to acquire multi-let light industrial assets in strong locations which present the opportunity to create further value through active asset management by utilizing its in house team’s specialist expertise in the sector.
Rory Allan, Director, Fund Management of Cornerstone Europe said: “Oxford Industrial Park and Buckshaw Link represent the fourth and fifth acquisitions for an in house client which now has a UK light industrial portfolio of £63 million. The properties fit the criteria of being dominant estates in their markets and offering diversified and robust income streams with the potential for capital growth through active asset management. We have been able to secure deals both on and off market in what is a very competitive sector which is testament to the ability of Cornerstone to transact quickly and efficiently. Our industrial pipeline is healthy for Q4 and we are looking forward to announcing the completion of further acquisitions in the near future.”
Source: Cornerstone Real Estate Advisers