Annual Dividend Per Share
ESKMUIR PROPERTIES ACQUIRES £45M MULTI-LET UK INDUSTRIAL PORTFOLIO
January 2021 – Eskmuir Properties has announced that it has completed a £45m acquisition of the Lunar Portfolio, a multi-let UK industrial portfolio from Legal & General’s Industrial Property Investment Fund (IPIF).
The Lunar Portfolio comprises eight assets spread across the UK, with a gross internal area of 497,715 sq ft across 96 units. The portfolio is let to 78 tenants, including; XPO, Screwfix, Howdens, Brewer, Tool Station and Wolseley, providing a diverse income stream secured against strong covenants operating in a range of sectors.
Eskmuir’s acquisition of the Lunar Portfolio comes at a time when, despite the impact of Covid-19, there is resilient occupier demand for industrial accommodation in and around densely populated areas to meet customer demand for their products and services within these catchments.
Earlier this year Eskmuir sold a 42,722 sq ft industrial asset in Park Royal, West London, for more than £15m to Capital Industrial with the proceeds being used to purchase this multi-let industrial portfolio increasing the level of tenant and location diversity in the Eskmuir Properties portfolio.
Paul Hodgson, Managing Director of Eskmuir, said: “We are always looking at ways to deliver strong returns to our investors. The Lunar Portfolio is a great opportunity to increase our weighting in industrial assets, a sector which is continuing to benefit from the rise in e-commerce and the need for storage space. Multi-let properties are particularly receptive to Eskmuir’s active asset management approach. The Lunar Portfolio’s split across the UK also fits in well with our own diversified portfolio of assets which are equally spread out across the country. We look forward to working with the occupiers across the portfolio and ensure they have the facilities to allow them to thrive and grow.”
Assets included within the portfolio are Etna Court in Falkirk, Inkerman Street in Sunderland, Kingfisher Business Park in Bootle, Motorway Estate in Crick, Lincoln Road Industrial Estate in Peterborough, Spinney View in Northampton, Great Western Trade Park in Swindon, and Waterside Business Park in Witham. The average catchment population within a 60-minute drive-time of the portfolio is 4.1 million, and showcases the portfolio’s excellent fundamentals for light industrial, trade and urban logistics operators.
Specialist investment manager Eskmuir Properties has close to 30 years of experience delivering growth and robust income returns for family trust investors and charities through actively asset managing a diverse portfolio.
JLL acted on behalf of IPIF while Eskmuir Properties were represented by Lewis Ellis.
Eskmuir properties completes a west london industrial sale
July 2020 – Eskmuir Properties has completed the sale of a 42,722 sq ft industrial asset in Park Royal, west London, for more than £15m to Capital Industrial, reflecting an initial yield below 3.0%.
Comprising three industrial units, the asset is currently let until 2023 to HR Owen, a leading supercar and luxury vehicle dealership and aftercare business for brands that include Maserati, Lamborghini, Bugatti and Rolls Royce.
The landmark deal at 5-9 School Road, Park Royal was marketed, agreed, and exchanged all throughout the COVID-19 lockdown period, with Eskmuir, the investment manager working closely with its investment agents, Lewis Ellis, and solicitors, Osborne Clarke, to get the transaction over the line. The acquisition will see Capital Industrial increase its presence at Park Royal.
Paul Hodgson, Managing Director of Eskmuir, said: “This landmark deal, launched and completed during lockdown, demonstrates a renewed confidence in the market. We received a phenomenal response to the marketing programme and we’re delighted with the excellent return generated for our investors. As part of our stated portfolio strategy, this sale will allow us to redeploy capital and grow our diversified portfolio, focusing on opportunities where we can increase value significantly through our stewardship and proactive asset management approach.”
Specialist investment manager Eskmuir Properties has close to 30 years of experience delivering growth and robust income returns for family trust investors and charities through a diverse portfolio.
Matt Horgan, Managing Partner of Capital Industrial, said: “We’re delighted to add this asset to our existing portfolio of London industrial properties. The estate is located in a prime central location undergoing substantial urban regeneration, and we believe it will offer us many opportunities for growth in the future.”
The estate is located at the eastern edge of Park Royal, one of London’s primary industrial areas. Benefiting from excellent road, rail and airport connectivity, the Park Royal industrial area supports around 1,700 businesses that employ 43,100 employees, across a range of sectors including food manufacturing, logistics, film and prop houses, car repair and vehicle maintenance.
ACRE acted on behalf of Capital Industrial while Eskmuir Properties were represented by Lewis Ellis.
ESKMUIR COMPLETES 14,369 sq ft leatherhead letting
May 2020 – Eskmuir is pleased to announce that it has completed a 14,369 sq ft letting to a major financial institution at the Square, a business quarter in Leatherhead, Surrey.
The new occupier will take the ground floor of the two-storey Q4 building at The Square in Leatherhead on a 10-year lease at a rent of £425,000 pa.
The Square is a 68,851 sq ft business quarter comprising of four office buildings ranging in size from 10,000 sq ft up to 32,000 sq ft. The buildings, which are rated as BREEAM Very Good and EPC A, incorporate energy efficient design and technology to minimise running costs together with regular shaped efficient floor plates to maximise occupational flexibility.
This latest letting takes highlights the continued demand for desirable and well-connected office space in the South East of England, with The Square benefitting from its proximity to Leatherhead town centre and key transport links such as the M25 and Leatherhead Railway Station.
John Sullivan, associate director at Eskmuir Securities, added: “We are delighted that this major financial institution has selected The Square as its new home for its operations in Surrey, which I feel is testament to the quality of the space, great parking provision and the schemes excellent location close to the railway station and town centre.”
Tom Mellows, director in the South East office agency team at Savills, said: “It is great news that we have been able to complete this transaction despite ongoing Covid-19 restrictions. Although terms were agreed prior to lockdown, we were able to find a way of successfully navigating these unchartered waters.”
The Square contains 269 parking spaces and the landscape has been designed to reduce the impact of car parking on the external environment with the creation of an avenue connecting the main entrance to a central amenity space forming a focal point at the centre of the scheme.
Savills and Michael Rogers represent Eskmuir Properties and the occupier’s representatives were CBRE and Fraser CRE.