Stenprop has acquired, in two separate transactions, Whitacre Industrial Park in Huddersfield and a portfolio of five MLI estates located across the UK, for a total consideration of €18.5m (£15.9m). The combined purchase price reflects a net initial yield of 7.2% and a capital value of €74.6 (£64) per ft².
Comprising five purpose-built MLI estates, the Duke Portfolio totals 225,139ft², with an average unit size of 3,300ft², and is currently 82% let to 54 tenants, a mix of local and national businesses. Purchased from M&G Real Estate for €15.8m (£13.6m), the individual assets are two estates both called Acorn Industrial Estate in Hull; Corringham Road Industrial Estate in Gainsborough; Motherwell Food Park in Bellshill; and Caldwellside Industrial Estate in Lanark.
In a second off-market transaction, Stenprop has acquired the 24,730ft² Whitacre Industrial Park for €2.7m (£2.3m). The property adjoins Stenprop's existing estate in Huddersfield, Ellis Hill Industrial Estate, which was acquired in December 2018. The estate extends to c. 1.7 acres which, when combined with Ellis Hill Industrial Estate, will create sizable holding and management efficiencies.
Will Lutton, Head of Investment at Stenprop, commented: "We are confident that adding these MLI assets, in undersupplied regional locations, will enable us to significantly grow the rents over time through the application of our smart lease solution and management platform."
