BCCIM has acquired Units 1-4 at Bamfurlong Industrial Park, Cheltenham, for £5.15m, on behalf of Urban Industrial Income LP, from Dunmoore Properties.
The multi-let industrial estate is located approximately 3.5 miles west of Cheltenham and the 39,487 sq ft asset is let to four occupiers.
Part of the estate has already been refurbished and numerous upcoming lease events give BCCIM – a joint venture between Barwood Capital and Caisson iO – the opportunity to capture the potential reversion and review the sustainability credentials of the estate.
Jonathon Ellerington, senior investment manager at Barwood Capital, said: “This latest acquisition comes as we seek to raise further funds and BCCIM is in detailed discussions with a number of potential investors. Our expertise in the industrial market means we’re ready to seize opportunities like these which are aligned to the fund’s investment strategy as we continue to grow the portfolio.”
James Burgess, director, investment management at Caisson iO, added: “We are delighted to secure this off-market acquisition. Cheltenham is an excellent location with a strong labour supply and access to the M5. Current redevelopment on the wider estate will further improve the area and profile of occupiers. Despite economic headwinds, we remain committed to the sector due to the dearth of supply, demand for good quality space and strong rent collection rates.”
