Intermediate Capital Group (ICG) has purchased a portfolio of assets from National Timber Group for £25.4m.
The portfolio includes five strategically located industrial assets in Sheffield, Newcastle, Oldbury, Hull and Reading, which all operate as timber merchants.
Spanning circa 600,000 sq ft across 38 acres, the portfolio benefits from a WAULT of four years, with annual RPI-linked rent reviews, providing a strong inflation hedge.
The assets are located in densely populated areas and offer long-term redevelopment into last-mile distribution facilities.
Richard Gale, partner at Allsop, which acted for ICG on the deal, said: “The completion of this National Timber Group Portfolio acquisition highlights the strong investment appeal of well-located, last mile industrial sites across the UK. This portfolio, with its strategic positioning in key urban locations, offers both immediate income security and long-term growth potential.
Knight Frank advised the vendor.
