Global real estate investment company Kennedy Wilson has acquired a diversified portfolio of 20 UK urban logistics assets totalling 1.3 million ft2 (120,800 m2), via an off-market transaction with UK logistics specialist, Leftfield, for $287 mln (€267 mln).
Kennedy Wilson has a 20% ownership in the portfolio and invested $24 mln of equity in the transaction.
The industrial properties are situated in key urban logistics locations across the UK, including London and the South East, Yorkshire and the Midlands. The portfolio is 100% occupied with in-place rents at a significant discount to current market rates.
'This acquisition provides access to a diversified portfolio of strategically located urban logistics assets,' said Mike Pegler, head of UK for Kennedy Wilson.
'The team has outperformed in its ability to grow the European industrial platform, and we remain confident about the future growth trajectory, which is underpinned by strong fundamentals.
'With sector take up in the first quarter of the year surpassing 10 million square feet for the first time since 2018, we expect robust ecommerce growth, a continued supply-demand imbalance and resultant rental growth to further enhance industrial capital values,' Pegler added.
Source: propertyeu.info on the 31st of May