Emerald Park East sold to UK CPT
Bristol's Emerald Park East has been bought by UK Commercial Property Trust as part of a £60.5m deal.
Former operator SEGRO has sold the site along with two other industrial units in Portsmouth and Crawley for £60.51m, reflecting a net initial yield of 7.34 per cent.
UK Commercial Property Trust (UKCPT), managed by Ignis Asset Management said the trio would add a combined total floor area of 549,413 sq ft and a total income of £4.67m each year.
Emerald Park East in Emersons Green, Bristol currently generates income of £1.71m per annum from 235,635 sq ft across 17 units.
Tenanats include Knorr Bremse Systems, Sungard Availability Services and Smiths News Trading.
The occupancy rate across all three estates is about 98 per cent.
UK CPT will finance the deal through use of part of the £150m facility agreed with Barclays Bank in May 2011.
"This transaction fits well with our strategy of acquiring good quality assets that, particularly in these uncertain economic times, both complement our existing portfolio and offer strong, defensive income characteristics," said Christopher Hill, chair of UK CPT .
"The new financing facility that we agreed with Barclays last year provides us with comfortable headroom to make acquisitions when we find an attractive opportunity such as this, and we continue to look for transactions to grow and enhance our portfolio further."
UKCPT was represented by GVA and JLL represented SEGRO in the transaction.
