LGIM Real Assets (Legal & General) announces that it has acquired Lineside Industrial Estate in Sussex for £21 million.
23 Oct 2018
The south east industrial estate has been bought on behalf of Legal & General’s Managed Property Fund from Cording Real Estate Group, the European real estate investment and asset management firm.
It is let to 22 tenants at an average headline rent of £5.43/sq ft with a weighted average unexpired lease term of 5.2 years to expiry and 3.0 years to tenant breaks.
Mark Russell, Senior Fund Manager of the Managed Property Fund:
"This is a great buy for the Fund, providing a rare opportunity to purchase a relatively large south east industrial asset within a supply-constrained market... which will deliver strong returns to our investors."