In a deal which took place in just three weeks, the Scottish Widows Investment Partnership Property Trust has purchased Phase 1 and 2 Lakeside Industrial Estate in Redditch.
Acquisition of 203,510 sq ft
Our Birmingham team secured the acquisition of the 203,510 sq ft industrial estate for £6.4 million, on behalf of SWIPPT/CIAM.
The estate will be managed by CIAM (Centurion Industrial Asset Management), the specialist Asset Management Company owned by Paul Reid and Julian Rooth, which currently manages £70m worth of industrial assets for the trust.
Maximising asset value
Alex Carr, Associate Director in our Birmingham office, said: “This was an ideal industrial investment to acquire as the site was ripe for added value from strategic management. There are multiple opportunities and angles to add value, namely a void, lease renewals, potential for re-gears, and refurbishment, through intensive asset management.”
He added: “Smart asset management combines in-depth knowledge of the local property market with detailed information about the client’s reason for ownership. Analysing the portfolio, strategic refurbishments, environmental improvements and re-gearing of leases all enable the value of a site to be maximised.”