West Midlands industrial site heads for sale at striking yield

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