Eskmuir Properties has announced that it has completed a £45m acquisition of the Lunar Portfolio, a multi-let UK industrial portfolio from Legal & General’s Industrial Property Investment Fund (IPIF).
The Lunar Portfolio comprises eight assets spread across the UK, with a gross internal area of 497,715 sq ft across 96 units. The portfolio is let to 78 tenants, including; XPO, Screwfix, Howdens, Brewer, Tool Station and Wolseley, providing a diverse income stream secured against strong covenants operating in a range of sectors.
Eskmuir’s acquisition of the Lunar Portfolio comes at a time when, despite the impact of Covid-19, there is resilient occupier demand for industrial accommodation in and around densely populated areas to meet customer demand for their products and services within these catchments.
Earlier this year Eskmuir sold a 42,722 sq ft industrial asset in Park Royal, West London, for more than £15m to Capital Industrial with the proceeds being used to purchase this multi-let industrial portfolio increasing the level of tenant and location diversity in the Eskmuir Properties portfolio.
Paul Hodgson, Managing Director of Eskmuir, said: “We are always looking at ways to deliver strong returns to our investors. The Lunar Portfolio is a great opportunity to increase our weighting in industrial assets, a sector which is continuing to benefit from the rise in e-commerce and the need for storage space.
Multi-let properties are particularly receptive to Eskmuir’s active asset management approach. The Lunar Portfolio’s split across the UK also fits in well with our own diversified portfolio of assets which are equally spread out across the country. We look forward to working with the occupiers across the portfolio and ensure they have the facilities to allow them to thrive and grow.”
Assets included within the portfolio are Etna Court in Falkirk, Inkerman Street in Sunderland, Kingfisher Business Park in Bootle, Motorway Estate in Crick, Lincoln Road Industrial Estate in Peterborough, Spinney View in Northampton, Great Western Trade Park in Swindon, and Waterside Business Park in Witham.
The average catchment population within a 60-minute drive-time of the portfolio is 4.1 million, and showcases the portfolio’s excellent fundamentals for light industrial, trade and urban logistics operators.
Specialist investment manager Eskmuir Properties has close to 30 years of experience delivering growth and robust income returns for family trust investors and charities through actively asset managing a diverse portfolio.
JLL acted on behalf of IPIF while Eskmuir Properties were represented by Lewis Ellis.