Investcorp has successfully completed the acquisition of an industrial asset in Scotland and an industrial asset in the West Midlands for a combined purchase price of €18.2m (£15.5m). The acquisitions follow on from a multi-let industrial estate in the North West of England, which Investcorp acquired in early September and a portfolio of industrial assets it acquired from Custodian REIT in late September.
Strategically located in close proximity to key transport connections, Drum Mains Park is a 51,000ft² industrial and logistics warehouse located in Cumbernauld, Scotland, which is ten minutes outside of Glasgow. The property was purchased for €5.3m (£4.5m). The asset acquired in the West Midlands is a 109,000ft² manufacturing/distribution warehouse situated on Burntwood Business Park, an established location in Cannock. The property was purchased for €13m (£11m).
Commenting on the acquisitions, Neil Hasson, Managing Director – Head of Investcorp European Real Estate, said: “We are extremely pleased to announce these latest acquisitions, further expanding our robust portfolio of high-value real estate assets across the European market. We believe the UK industrial sector is primed to become one of the driving forces behind the UK’s real estate market, and our portfolio is well-positioned to benefit from this flourishing market. We remain focused on working through an attractive pipeline of investment opportunities.”