Knight Frank Investment Management, on behalf of its client the Lancashire County Pension Fund, purchased the four properties totalling 350,000 sq ft on the Roman Road Industrial Estate off the M65.
KFIM acquired the Blackburn industrial portfolio from a private family in an off-market deal valued at £25m. The investment manager said it has a further £50m to invest this year and “continues to look for similar opportunities”.
The four separate properties make up the manufacturing, distribution and office headquarters of the AIM (Alternative Investment Market)-listed Accrol Papers, a UK supplier of toilet roll, kitchen towel and facial tissues.
Accrol Papers has occupied the units, on an 18-acre site on the Roman Road industrial estate, since 2004 and continues to invest in the upgrading the site.
The private family vendor was represented by agency B8 Real Estate and David Hill, partner and Napthens Solicitors.
KFIM was represented by the Manchester office of Knight Frank and Miles Sinclair, associate at law firm DWF.
John Burrows, investment surveyor at B8 Real Estate, said: “The sale demonstrates continued demand from investors for significant industrial assets in the North West.
“The assets have performed well for my client over their many years of ownership and we are sure KFIM will continue to work closely with Accrol Papers as it continues to invest further in its operation.”
Piers Windsor, senior investment manager at KFIM, added: “This acquisition on behalf of LCPF was put under offer during the UK’s nationwide lockdown.
“The investment meets all the criteria of our strategy of targeting well let, good-quality industrial stock in Lancashire. The investment also generates a strong income return from day one, while providing several potential asset management initiatives in the medium to long term.
“We continue to look for similar opportunities with another £50m remaining to invest.”