Industrials.co.uk/C2 in business parks double buy

By James Buckley - Friday, February 24, 2017 15:08

Industrials.co.uk, the joint venture between Morgan Stanley Real Estate Investing (through a fund managed by Morgan Stanley Real Estate Investing) and C2 Capital, have bought a further two multi-let industrial estates to add to the 23 estates already acquired since January 2015.

Industrials.co.uk has acquired the heritable interest in Anniesland Business Park, Glasgow from Hermes Investment Management for around £11m.

The Property comprises 182,000 sq ft of multi-let industrial accommodation let to a range of local and national occupiers including PHS, Wolseley, GAP Group and Howden. Much of the estate was developed in 2001 and the Estate offers a range of unit sizes from 1,200 to 16,000 sq ft.

Simon Ross, Asset Manager at C2 Capital, said: “We are excited to be the new owners of Anniesland Business Park and have great plans to further enhance the estate over the coming years. We hope to make some announcements in the coming weeks surrounding new tenants moving to the estate, and intend to build on this momentum to establish Anniesland as one of the premier trade and industrial centres in Glasgow.”

Industrials.co.uk also acquired Capital Business Park in Cardiff from JR Smart for c.£6.5m. Capital Business Park comprises the underlying freehold interest of the 50-acre business park, in addition to 95,000 sq ft of modern multi-let industrial units built between 2007 and 2013 and let to 13 tenants.

The park was developed by JR Smart over ten years from 2003 and comprises circa 400,000 sq ft of industrial accommodation let to a wide array of occupiers including National Grid, FedEx and Shred-It. In addition, JR Smart sold off the adjoining 28-acre site in 2010 to Aldi who is now nearing completion of its new 454,000 sq ft, £59.5m regional distribution centre, creating jobs for 260 people and supplying goods to the South-West of England and South Wales.

Julian Carey, Founder and Managing Director of C2 Capital, added: “We are delighted to have acquired Capital Business Park for our Industrials.co.uk platform. JR Smart have developed a high-quality scheme offering industrial occupiers attractive and modern accommodation in a secure, business park environment. The acquisition fits neatly with our strategy of acquiring good quality estates in densely populated areas, and we are delighted to own one of the best parks in Wales. In conjunction with Glasgow, this take our total acquisitions to 2m sq ft of multi-let industrial space in the last 2 years, and we intend to grow this further during 2017 and beyond.”

On Cardiff, Savills and Willowford Asset Management acted for Industrials.co.uk, whilst Jenkins Best acted for JR Smart. On Glasgow, Industrials.co.uk was represented by Knight Frank, whilst Hermes was represented by LSH.

jbuckley@costar.co.uk

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