SREI : Schroder Real Estate acquisition in Milton Keynes
Schroder Real Estate has announced that it has bought Heathfield Industrial Estate in Milton Keynes for £5.1m. The purchase price is equivalent to an initial yield of 7.7%. The full reversionary yield (assuming all units were let out at market rents) is 8.8%. Heathfield sits next to the Stacey Bushes Industrial Estate acquired by SREI in August.
The 28 unit industrial estate covers 104,200 sq ft. It was built in the 1980s and recently refurbished.
After this deal, Schroder Real Estate will still have £43.7m in cash for future purchases.