PGIM Real Estate has acquired Lyntown Trading Estate in Greater Manchester.
The estate was sold by LaSalle Investment Management on behalf of a pension fund client and comprises 260,000 sq ft across 28 units on a site of 16.15 acres.
The estate is let to a total of 13 tenants including Siemens Plc, Travis Perkins, LSE Retail Group and IQuest Logistics and currently produces a total rent of £950,000 per annum.
James Preston of Colliers International commented: “The purchase of Lyntown demonstrates PGIM’s continued targeting of quality multi-let industrial assets. The underlying quality of the Estate, existing tenant line up combined with proximity to both Trafford Park and national transport networks provides a very clear avenue to both increased performance and significant enhancement of value.”
PGIM was advised by Colliers International in the acquisition, Knight Frank represented LaSalle.
Langtree will be employed to asset manage the estate on behalf of PGIM.
