CBRE Investment Management has sold the Porto Portfolio, comprising six freehold multi-let industrial estates across the East, South East and South West of England, to Legal & General.
The Porto Portfolio represents a total of 403,087ft² of industrial space, with unit sizes ranging from 4,679ft² to 30,280ft². The properties are located in Oxford, Maidstone, Southampton, Huntingdon, Bristol and Gloucester, housing a mix of 23 local and national long-term occupiers across 32 units. Tenants include Screwfix, Toolstation, Howdens and Travis Perkins.
Richard Dean, Head of UK Transactions and Real Estate Execution at CBRE Investment Management, said: “This was an excellent opportunity for a buyer to purchase a portfolio of high-quality assets, in a sector that continues to see strong demand. Underpinned by the rise of e-commerce, the UK industrial sector has proved extremely resilient throughout the Covid-19 pandemic and investor demand for urban logistics assets and well located multi-let estates has increased significantly as a result. With maximum occupancy already achieved, the Porto Portfolio was understandably sought-after.”
Rob Codling, Fund Manager, LGIM Real Assets added: “The Porto Portfolio represents a key acquisition for Legal & General’s Managed Fund, as we continue to upweight in urban logistics and multi-let regional industrial estates. The portfolio provides good quality holdings, in core locations, set to benefit from favourable supply-demand dynamics. Over the last month, the Fund has invested €177.6m (£150m) across a string of deals as we continue to commit to best-in-class assets and drive attractive growth propositions for our investors.”
