An industrial estate in Aberdeen has been sold to a property investor as part of a £37 million deal.
Warehouse REIT, the AIM-listed specialist warehouse investment trust, acquired the 125,000 sq ft Murcar estate on the Bridge of Don Industrial estate.
Scotland's biggest cities can learn from smaller ones when it comes to speeding up development
The estate is 100% let to a range of occupiers and generates rent of £776,030 a year.
Andrew Bird of Tilstone, which is taking over as investment manager of the trust, said: “The Murcar industrial estate will deliver attractive day one income at the same time as presenting a number of value-enhancing asset management initiatives to both improve the rental tone and deliver capital growth."
New tenants seal deal on 82 units as Scottish retail parks weather cull of big name stores
In another deal, the trust has acquired the freehold of two John Lewis distribution units in Northampton. The trust said the warehouses are “extremely well positioned” to support John Lewis' growing ecommerce operations, where its online sales are forecast to rise to over 50% by 2020.
Together the trust has invested £37 million on the two deals out of a £120 million acquisition war-chest it has.
