The Ardent Companies UK, the acquisitive subsidiary of US-based real estate investment and asset management firm The Ardent Companies, has completed the acquisition of two light industrial assets for a total of £21.3 million.
The acquisitions, made as part of Ardent UK’s strategy to establish a geographically balanced logistics portfolio, comprise Tokenspire Business Park in Beverley, East Riding of Yorkshire and 717B North Circular Road in Brent, north west London.
Tokenspire Business Park comprises 306,000 sq ft of space across 36 separate units and was acquired from Vengrove for £15.55 million, reflecting a net initial yield of 6.57%. The site includes planning permission for eight new units, including five trade counters, which will mark Ardent UK’s first move into development.
In London, 717B North Circular Road was purchased from Pears Group for £5.75 million. The 15,104 sq ft unit, set within a 0.75-acre site, is entirely let to Comptoir Group at an annual rent of £150,000, with a reversionary yield of 4.5%.
The latest additions bring Ardent UK’s industrial portfolio to over two million sq ft and are in line with its wider strategy of targeting assets in strategic locations that offer the opportunity for significantly enhanced performance and value through active asset management. In addition to further aggregation of its industrial platform, Ardent UK is exploring opportunities in the retail sector – with repositioning potential or availability at discounted pricing – and operational-led assets.
Richard Benson, managing director at Ardent UK, said: “While the industrial market is a hugely competitive space, there are still opportunities to be grasped for firms like Ardent UK that hold the asset management expertise to drive further growth. Both of these locations offer significant reversionary potential alongside wider asset management opportunities, particularly at Tokenspire with planning permission in place for eight new units that will be our first development activity in the UK.
“Our industrial platform is now over two million sq ft and our wider portfolio includes assets in other sectors such as Solihull’s Touchwood shopping centre, underlining just how much has been achieved in the year since we launched. As we continue to build our platform, the opportunities presented by its geographical reach and the operational and management capabilities of our team leave us ideally-placed for future growth.”
Ardent UK was advised by Avison Young on Tokenspire Business Park and IG Real Estate on 717B North Circular Road, with Greenberg Traurig providing legal advice on both deals. Commercial Property Partners represented Vengrove and Philips Lockhart Starr advised Area Estates.
