Gerald Eve has advised PATRIZIA on the £37 million acquisition of Quarry Wood Industrial Estate in Aylesford, Kent.
Quarry Wood is a multi-let industrial estate comprising circa 457,000 sq ft of space across 27 units let to 18 tenants, with occupiers in the manufacturing, distribution and e-commerce sectors. Located between junctions four and five of the M20, the estate provides excellent transport links to the M25, central London, the Channel Tunnel and Kent’s ports.
The acquisition is the first deal in a new industrial mandate with Caisson Investment Management (“CIM”) targeting further multi-let industrial assets throughout the UK. This is the seventh investment mandate between CIM and PATRIZIA.
Leo Zielinski, partner at Gerald Eve, commented: “The industrial market has been relatively unscathed by the coronavirus crisis. Shifts towards online retail have been accelerated by the lockdown, and warehouses are set to be the major beneficiaries through growth of e-commerce and last-mile delivery.
“Quarry Wood Industrial Estate is a popular, well-located multi-let industrial estate let off a low overall passing rent of £4.90psf. The estate provides a diversity of income and strong prospects for rental growth through various asset management initiatives. I am look forward to seeing how the estate transitions over the coming years through CIMs hands on asset management.”