IO, the specialist manager of multi-let industrial estates, have acquired two further assets in conjunction with a Hong Kong Family Office.
The individual assets were Chantry Industrial Estate, Minworth, Birmingham and Units D1-D12 Hortonwood, Telford. These estates together total 71,000 sq ft across 17 units.
The assets were purchased for a combined price of £4,500,000, showing a blended NIY of 7%. IO are implementing a series of short and medium-term asset management initiatives in order to target an attractive reversionary yield of 8.50%.
Additional acquisitions are currently being progressed, with further announcements to follow shortly.