Industrials REIT has purchased Rochester Trade Park from clients of Swiss Life Asset Managers UK for an undisclosed price.
The deal is the first Industrials REIT has completed since its acquisition by Blackstone in June. The fully occupied multi-let estate offers circa 40,000 sq ft across 14 units ranging from 1,500 sq ft to 6,000 sq ft.
Will Lutton, head of investment at Industrials REIT, said: “With the support of Blackstone as a committed and well-capitalised owner we continue to pursue opportunities that will allow us to further scale the Industrials REIT platform and this is the first stage in that process under our new owner. Rochester Trade Park is a first class industrial estate that presents the opportunity to capture rental reversion and create value through both active asset management and the efficiencies of our operating platform.”
Industrials REIT was advised by DTRE and Swiss Life was advised by BNP Paribas Real Estate.
