PGIM Real Estate has acquired the 260,000 sq ft Lyntown Trading Estate in Greater Manchester from LaSalle Investment Management, for a sale price understood to be £13.4m, equating to a net initial yield of 6.44%. The asking price was just over £11m.
The estate was sold by LaSalle on behalf of a pension fund client, and totals 28 units on a site of 16.15 acres.
The estate is let to 13 tenants including Siemens, Travis Perkins, LSE Retail Group and IQuest Logistics, and currently produces rent of £950,000 each year.
PGIM was advised by Colliers International in the acquisition, Knight Frank represented LaSalle.
James Preston of Colliers International said: “The purchase of Lyntown demonstrates PGIM’s continued targeting of quality multi-let industrial assets. The underlying quality of the estate, existing tenant line up combined with proximity to both Trafford Park and national transport networks provides a very clear avenue to both increased performance and significant enhancement of value.”
Langtree will be employed to asset manage the estate on behalf of PGIM.