Hastingwood Industrial Park, Birmingham

 Oct 2019

Caisson Investment Management Limited, an independent investment manager, continues its investment momentum of its multi-let industrial (“MLI”) programme with Barwood Capital with the acquisition of Hastingwood Industrial Park in Birmingham for £14.75m, reflecting a net initial yield of c. 8.50%.

The estate embodies the definition of “urban logistics”, located approximately 15 minutes’ drive time from the city centre in a prime industrial area.  The 223 unit estate provides 379,365 sq. ft GIA (334,820 sq. ft industrial and 44,545 sq. ft office) on a site of approximately 12.28 acres with a diverse base of business occupiers from high value manufacturing, logistics and delivery to children’s toy retailing.

Caisson will look to evolve the estate around the theme of urban logistics, office and co-working space and serviced multi-let industrial providing occupiers with a range of services from secretarial to forklift pallet moving.  Caisson will implement its active asset management programme to establish strong working relationships with each tenant, take advantage of local supply constraints and inherent rental growth, further diversifying the tenant base and driving rents forward.

Hastingwood Industrial Park provides up to 25% of power to the occupiers via renewable solar energy which Caisson will look to further enhance.  The site benefits from exceptionally high-speed broadband connectivity which will attract an even wider range of occupiers.

The acquisition forms part of an ongoing programme with Barwood, with continued appetite and capacity for similar assets.

James Ward, Partner Asset Management at Caisson commented, “Hastingwood represents an exciting opportunity for Caisson to move an asset that has been under family ownership for the last 25 years to become an institutional product”.

Mark Bowden, Property Partner at Caisson commented, “This estate is typical of the MLI estate in which Caisson specialises and we shall be applying our specific asset management approach to the property in order to unlock the significant value we see in the asset”.

Caisson and Barwood were advised by MK2 Real Estate.

-Ends-

 

For further information please contact:

Lisa Allsup

Caisson Investment Management

Lisa.Allsup@caisson-im.com

+44 207 280 9600

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