The Royal London Pension Property Fund has bought the Birches Trading Estate in East Grinstead, West Sussex, for £65m from Ropemaker Properties.
The 24-acre Birches has 384,000 sq ft of multi-let logistics and light industrial space.
It has 26 tenants including Screwfix, Travis Perkins, DHL and International Logistics with rents ranging from £6.25 to £10.50 per sq ft.
Initial yield is 4.7% and the estate has reversionary potential in the next 12 months: a nearby Crawley estate has rents near £14 per sq ft
AHBN LLP acted for Ropemaker Properties, while Royal London was advised by BNP Paribas Real Estate.
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