Royal London Asset Management is nearing a deal to buy a £135m industrial estate in the West Midlands, for what is thought would be a near-record yield for the sector of around 4.25%.
The fund manager is in advanced talks to acquire the 800,000 sq ft Kings Norton Business Centre in south Birmingham from Harbert Management Corporation.
The 60-acre site, which also includes some office elements, is around 95% let and is benefitting from the last mile distribution and e-tailing boom.
According to Lambert Smith Hampton, research yields for all industrial asset types came in
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