UK Commercial Property Trust has announced that it has acquired Ventura Park in Hertfordshire for £67.1m through a swap transaction with SEGRO plc, which also comprises the sale to SEGRO of a 298,850 sq ft Asda Distribution Centre in Northampton for £31m. UK Commercial Property Trust paid the £36.1m difference from its existing cash resources.
Ventura Park is a 35 acre, multi-let industrial estate with 589,302 sq ft of lettable space. Located at Radlett, just off the M25 between its junctions with the M1 and A1(M), it provides strong connectivity to both London and the wider UK.
The estate produces rental income of £4.2m per annum from 13 industrial units which are fully let to tenants with strong covenants including DHL, Kelly’s self-storage B&Q, EE and Warner Brothers Studios, providing a net initial yield of 6.0 per cent.
UK Commercial Property believes that the Ventura Park estate is well positioned to continue to benefit from growing occupational demand, as the requirement for multi-let and industrial sites in the South East of England continues to exceed supply. The site also presents opportunities for active asset management, through lease renewals or re-lettings.
UKCM / SGRO : UK Commercial Property and SEGRO swap assets