Schroders’ Multi-Let Industrial Property Unit Trust (MLIPUT), a sector specialist fund advised by the JLL Strategic Asset Management Team, has completed the freehold acquisition of Vantage Park in Coventry using Alder King as the acquiring investment agent. The prime multi-let trade park was acquired from regional development and construction firm, The Wigley Group, advised by Vining Management and Edgerley Simpson Howe, for £5.07 million, reflecting a NIY of 5.4%.
The Park, which comprises a terrace of four units totalling 25,000 sq ft, was developed in 2015 and represents the best quality trade park in the city. The property is let to Magnet, Formula One Autocentres and Adrenaline Motorcycles and produces a total rent of £291,262 per annum, reflecting a blended rent of £11.65 per sq ft. The investment offered a weighted average unexpired lease term of just over 13 years to expiry and over 8 years to break.
Oli Stretton, partner in Alder King’s investment team commented: “This is Alder King’s second acquisition on behalf of MLIPUT following the successful acquisition of Abbeywood Park in Bristol earlier last year and forms an attractive addition to the wider portfolio.”
Graeme Rutter, Head of Schroder Real Estate Capital Partners said: “This purchase represents a good acquisition for MLIPUT being a new build in a prime location and providing a secure income stream. The fund will continue to make further purchases in 2018.”