News - Midlands
Prudent investment by PruPIM
Prudential Property Investment Management (PruPIM) has purchased a 377,350 sq ft industrial unit in Birmingham from clients of Aberdeen Property Investors for £26.2m.
The site, located at the industrial park at Junction six, Electric Avenue, is a multi-let property to nine tenants in 12 units. Clients include gas and plumbing supplier BES and Iron Mountain, a provider of information management services. The £26.2m fee represents an initial net yield of 7.25 per cent, and the property will generate an annual rent roll of £2,009,253.
Who advised?
Cushman & Wakefield acted for PruPIM, and Knight Frank LLP acted for Aberdeen Property Investors.