IO has kicked off the investment programme for its new £120m UK industrial joint venture by acquiring Glencairn Industrial Estate, Kilmarnock for £7.075m. The site comprises a multi-let industrial estate of c.120,000 sq ft spread across 48 units, with approximately 20% currently vacant. The transaction represents a net initial yield of c.7.75% and a reversionary yield of c.10%. IO will implement a series of asset management initiatives, including carrying out a targeted refurbishment programme across the estate, in order to drive performance.
IO Investment 2 is a joint venture between Grosvenor, the privately-owned international property group, Quilvest, an independent wealth manager and private equity investor and the IO Group.