Kennedy Wilson has acquired two warehouses totalling circa 181,500 sq ft via separate transactions for an undisclosed price.
At Westside Business Park, Harlow, the company has purchased a 76,040 sq ft warehouse let to GXO Logistics and at Moulton Park, Northampton, Kennedy Wilson has acquired a 105,415 sq ft unit let to Great Bear Distribution.
Kennedy Wilson intends to undertake an active asset management strategy to upgrade the sustainability performance of the assets, targeting improved EPC ratings, as well as value-add capital expenditure initiatives to improve the individual buildings.
Mike Pegler, president of Kennedy Wilson Europe, said: “As we continue to deploy capital in the industrial sector, these two transactions demonstrate Kennedy Wilson’s ability to successfully source and execute acquisitions with opportunity for value enhancement through asset management initiatives.
“We believe these well-located industrial assets will enable us to capture rental growth by capitalising on the acute supply and demand imbalance driven by continued occupier demand for modern, well-specified assets in key markets with strong underlying fundamentals. Our team has a consistent track record of adding value to industrial assets and we remain focused on undertaking the individual business plans, leveraging our expertise in this area, and working closely with the existing occupiers.”
Kennedy Wilson was advised by Gerald Eve on the acquisition of Westside Business Park, Harlow and by DTRE on the acquisition of Moulton Park, Northampton.
