DTZ Investors acquires south east multi-let industrial estate
DTZ Investors has successfully completed the acquisition of Deacon Way Industrial Estate in Reading for £11.4m, reflecting a net initial yield of 4.5%.
The property is a multi-let industrial estate comprising eight units extending to 105,163 sq ft and is situated to the west of Reading town centre, within an established industrial / warehouse area. The property is fully-let to six tenants and has a weighted average unexpired lease term of 4.8 years to breaks and 7.6 years to expiries. Due to the property’s well established micro location, in conjunction with a robust occupational market, we expect the property to benefit from strong rental growth going forwards.
The acquisition is in accordance with the Fund’s strategy and helps to fulfil the strategic target to transition the Client’s existing portfolio towards assets that can provide diversified income and into locations that will support long term sustainable income.
Knight Frank acted on behalf of DTZ Investors.
For further information please contact Tom Royston, DTZ Investors.