Clearbell Capital has agreed a deal to sell four industrial units at the LOC8 development in Maidstone, Kent, to Aberdeen for £43.89m.
The sale price reflects a net initial yield of 4.84% and a capital value of £230/sq ft. The four units, which provide 190,839 sq ft of industrial space, are home to a mix of national occupiers including Zehnder Group UK, Envirotainer and Medequip Assistive Technology.
The EPC A+-rated units feature sustainable infrastructure including solar PVs and EV charging points and have been built to BREEAM Excellent standard.
Clearbell will continue to retain ownership of the rest of the scheme and overall responsibility for future development of the site’s remaining plots, which are located just off Junction 8 of the M20.
Toby Saul, director at Clearbell Capital, said: “This transaction demonstrates the quality of what we’ve delivered at LOC8 – a sustainable, strategically located development with a strong and varied tenant base. We’re pleased to have executed our business plan for units B1-B4 and to welcome Aberdeen to LOC8. Their approach to long-term asset management and focus on sustainable, occupier-focused investment mirrors our own strategy, which is particularly important as we’ll both be managing different parts of the estate.
“This alignment will support the continued success of the park and the diverse businesses that call it home. The park continues to attract exceptional demand, and we remain committed to supporting the growth of businesses across the remaining phases of the development.”
Nick Ogden, partner at Newmark, which advised Clearbell, added: “The sale generated strong investor interest at a time when there were very few core, multi-let logistics assets available to acquire. The property proved attractive due its connectivity, strong ESG credentials and reversionary rents resulting from a strong performance in the north Kent occupational market through the last 24 months. It was great to work with Clearbell, Aberdeen and SBY.”
Aberdeen was advised by SBY.
