Joint venture partners Maven Capital Partners (Maven) and Colmore Capital (Colmore) have acquired eight fully let industrial units at Poundbury West Industrial Estate, Dorchester, in an off-market transaction.
The 46,000 sq ft portfolio of eight trade counter and light industrial units are fully let to tenants including Travis Perkins, Toolstation and Howdens, providing a strong covenant profile and resilient income with an attractive reversion. The acquisition also reflects a capital value significantly below the reinstatement cost, according to the JV partners.
The JV partners intend to enhance income and capital value through active asset management, including settling live rent reviews, selective lease regears and EPC improvements.
The partnership continues to target well-located regional industrial assets offering value-add potential and strong income characteristics
Ben Aspell, from Maven Capital Partners, said: “We are delighted to have completed on a further transaction with Colmore Capital following the recent acquisition of our multi-let industrial investment in Willenhall and the success of refurbishing, reletting and selling a mid-box industrial unit at Swift Point in Rugby. Regional industrial assets with strong occupier demand continue to offer compelling opportunities for our investors at Maven, with robust income streams and the potential for capital growth and Poundbury West Industrial Estate represents another high quality addition to our portfolio.”
Matt Grainger, from Colmore Capital, added: “This was an off-market acquisition that presented attractive income and clear asset management opportunities. Poundbury West Industrial Estate is a well-located industrial estate in a supply-constrained market with strong underlying tenant demand. We look forward to working closely with Maven to implement our asset management strategy and deliver further value from the estate.”
