Barings has completed the sale of Haslemere Industrial Estate to real estate private equity investor Westbrook for c. €14.8m.
Barings acquired the estate in Bishop’s Stortford, an affluent London commuter town in Hertfordshire, on behalf of a UK-based private pension fund client in January 2016. The c. 6,918m2 property comprises 13 units, ranging from c. 292m2 to c. 1,276m2, 12 of which are let to 10 tenants, with the final one under offer.
Haslemere Industrial Estate is situated close to the town centre and in an area with limited capacity for new supply. It is c. 17.7km from London Stansted Airport.
Darren Hutchinson, Managing Director and Head of UK Real Estate Transactions at Barings, said: “Having successfully executed our business plan, we are pleased to have reached agreement on this disposal to Westbrook. The rental and capital value growth over our period of ownership has been strong and reinforces why Industrial and Logistics remains one of our preferred sectors for further investment.”
Gunther Deutsch, Managing Director and Head of European Real Estate Transactions at Barings, said: “This sale reflects the investor appetite for the Industrial and Logistics sector – which, while slowed, still remains strong in the UK and across Europe. We continue to be very active in the sector and are currently working on a secured logistics pipeline representing a volume in excess of €640m. We continue to seek out new industrial and logistics investments in developer joint ventures or forward transactions in the UK and in our other priority markets, such as France, Germany, the Netherlands, the Nordics, Spain and Italy.”
Knight Frank acted on behalf of Barings.