Adding to our industrial portfolio with the purchase of Puma Trade Park in Mitcham
DTZ Investors has acquired Puma Trade Park, Mitcham for £10.75m. The purchase price reflects a Net Initial Yield of 4.9%.
Puma Trade Park is a prime Greater London multi-let industrial estate situated on Morden Road, Mitcham, nine miles south west of Central London. The property comprises a multi-let estate of 11 units across three terraces totalling 47,599 sq ft GIA. The property benefits from a long WAULT of 8.9 years to lease expiries and 7.1 years to lease breaks.
David Peacock, DTZ Investors commented: “The acquisition represents the Fund’s commitment to acquiring high quality real estate underpinned by strong economic fundamentals. The constrained supply of industrial accommodation, owing to the redevelopment of sites to higher value land uses, and robust demand from industrial tenants has resulted in attractive risk-adjusted returns for the sector.”
Knight Frank acted for DTZ Investors and Colliers International acted for the vendor Standard Life Investments.