LONDON—Cornerstone Real Estate Advisers, working on behalf of two clients, has acquired three light industrial assets – Monkspath Business Park in Solihull, Evolution in Sheffield and Kingston Bridge in Glasgow – comprising over 570,000 square feet in three separate deals totaling around $52 million (£35 million).
Cornerstone is one of the world's 10 largest real estate investment advisors with $38.9 billion assets under management. These acquisitions bring Cornerstone's UK light industrial portfolio to a total of around 2.5 million square feet and represent part of its on-going investment program into this sector. Cornerstone aims to take advantage of both the attractive income yields and the opportunities to create value through active management that are currently available in the sector by utilizing its in house team's stock selection and specialist asset management skills.
Monkspath Business Park in Solihull
On behalf of a retained in house client, Cornerstone has acquired Monkspath Business Park in Solihull from clients of Schroders for $27.4 million (£18.25 million). Monkspath is the premier small unit industrial estate in Solihull, strategically located less than one mile from the M42 in the town's prime commercial location.
Evolution, Advanced Manufacturing Park in Sheffield
On behalf of a pension fund client, Cornerstone has acquired Evolution in Sheffield from a joint venture between Harworth Estates and Strategic Sites for $10.8 million (£7.2 million). The newly built asset is located within 1.5 miles of Junction 33 of the M1 and is situated within Advanced Manufacturing Park, one of the UK's top manufacturing and technology parks and home to Rolls Royce's new 500,000 sqft facility.
Kingston Bridge Trading Estate in Glasgow
On behalf of an insurance company client, Cornerstone has acquired Kingston Bridge Trading Estate for $13 million (£8.7 million). Kingston Bridge is one of Scotland's premier multi-let trade parks and is let to national multiples such as Screwfix, Travis Perkins, Hire Station and Edmundson Electrical. Located within 1km of Glasgow city centre and with direct access to the M8 and M74, the property is able to serve the entire city and surrounding areas.
Commenting on the transactions Nick Pink, CIO of Cornerstone Europe, added: “These acquisitions are excellent examples of the kind of assets we target in this segment of the market. They are dominant estates in strong local markets, which also provide our asset managers with immediate opportunities to enhance the net income, in order to generate strong returns for our clients.”
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
