Invista and Canmoor added estates in Haydock and Warrington to their Active Industrial Fund as part of the purchase of a portfolio of multi-let estates for £35.5m.
The purchase of five estates totalling 700,000 sq ft in 64 units, reflected an equivalent yield of 8.4%.
The Royal Bank of Scotland provided a loan for the purchase from three funds.
Martin Smith, managing director of ICAIF, said: "Invista and Canmoor are pleased with the support RBS has provided for the ICAIF Fund. This transaction enables the fund to accelerate its growth by recycling capital from existing assets as well as through acquisition.
"In line with ICAIF's continued expansion strategy, we believe the coming months will present some interesting buying opportunities. The fund is now in a strong position to allow it to move quickly when we see attractively priced properties that match our requirements."