Deutsche Finance International (DFI) and Argo Real Estate have acquired Headley Park 10 industrial and logistics estate in Reading for an undisclosed price.
The 117,000 sq ft multi-let asset, which comprises 24 units, is fully let to tenants including Toolstation, Screwfix and SFL Group.
The joint venture partners will seek to improve rental income by accessing reversion and undertaking a capex programme to improve the EPC rating of the units to A.
Jonni Glick, vice president of Deutsche Finance International, said: “The performance of the platform to date is testament to the JV’s business plan focused on driving income and creating additional value for our investors. The UK urban logistics and industrial sector remains attractive and a high conviction investment strategy for DFI.”
Crispin Gandy, CEO of Argo Real Estate, added: “We’re delighted with this latest acquisition which complements the existing JV urban industrial portfolio and gives us access to another South East market with excellent underlying fundamentals and potential for strong rental growth.
“We are unlocking great income and capital performance across the portfolio as we intensively manage the assets and invest accretive capex to upgrade the quality and environmental credentials of the properties. With our business plan for this asset already in motion, we look forward to delivering on our performance targets for the property alongside the wider JV portfolio.”
