Stenprop has acquired the Lombard Centre, an industrial estate in Aberdeen, from Mayfair Capital for €3.65m (£3.25m). The price reflects a net initial yield of 8.15%. The asset comprises 10 units, totalling 32,622ft² of industrial space and is let to six tenants, including Mitie, J&S Limited, and Pirtek.
Julian Carey, Executive Property Director of Stenprop, said: “We have acquired another high-quality, purpose-built estate as part of our transition into a focused multi-let industrial company. The Lombard Centre is located adjacent to Aberdeen’s international airport and heliport in a prime industrial area, with healthy industrial demand and limited supply. Many of the tenants are long standing on the estate and we look forward to working with them”.
Following the acquisition of the Lombard Centre, MLI assets account for 26.9% of Stenprop’s portfolio. MLI assets are expected to comprise approximately 60% to 65% of Stenprop’s total portfolio of properties by 31 March 2020.