Pramerica Real Estate Investors has completed two industrial property transactions in the UK on behalf of a segregated account, for a combined value of £30.56 million (approx. €36.8 million). Pramerica Real Estate Investors is the real estate investment management and advisory business of Prudential Financial, Inc. (NYSE: PRU), which is headquartered in the United States.
The Coast Portfolio, comprising 373,842 ft² (approx. 34,730 m²) of space across 11 multi-let industrial estates located in the South West of the UK, was acquired from Hansteen UK Industrial Property Unit Trust (HPUT) for £25.4 million (approx. €30.6 million). The portfolio is well located, with a diverse tenant base of over 140 occupiers, providing attractively sized units in good quality properties, and offering the potential for future rental growth. AHBN advised Pramerica on the acquisition, while Knight Frank advised Hansteen Holdings PLC.
Separately, Pipers Wood Industrial Estate in Waterlooville was acquired from Rockspring Property Investment Managers for £5.16 million. The property provides 65,921 ft² of high quality industrial space, fully let to six tenants, but offering the potential for rental growth and asset management opportunities through re-gearing and extending existing leases. Knight Frank advised Pramerica, while Strutt & Parker acted for Rockspring Property Investment Managers.
Paul Dennis-Jones, Managing Director at Pramerica, commented: “These industrial assets acquired on behalf of a segregated account will give our client exposure to an increasingly attractive sector, with the potential for asset management, and we believe will generate excellent returns on investment.”
Source: FTI Consulting