F&C Property Growth and Income Fund have acquired International Trading Estate in Avonmouth, Bristol. The Fund, managed by BMO Global Asset Management, purchased the freehold of the multi-let trade counter estate from vendor CBRE Global Investors. Knight Frank acted for the purchaser and CBRE acted for the vendor in the transaction.
International Trading Estate comprises eight industrial and trade counter units totalling 49,857 sq ft. It is accessed off Jubilee Way, adjoining the Third Way arterial road through Avonmouth. The estate is fully occupied and attracts annual rents of £240,555, with an average weighted unexpired lease term of 5.72 years.
Nick Thurston, partner in the Capital Markets team of Knight Frank in Bristol, said: “This asset is located within Bristol’s key industrial hub which continues to experience positive growth prospects on the back of a lack of supply. With highly reversionary rents, the asset proved an attractive option for our client.”
Tom Morris, senior director in the Capital Markets team at CBRE Bristol, added: “We are delighted with the price we have achieved for our client CBRE Global Investors. The property attracted significant investor interest with over 20 inspections carried out. The price achieved is testament to the strength of investor demand for well-located multi-let industrial estates.”
