Legal & General buys trade parks for £115.9m

Legal & General Property has bought 48 industrial developments in a £115.9 million deal.

The acquisition of the Fix Portfolio, from a consortium of investors represented by Paradigm Real Estate Managers, is on behalf of its UK property income fund. The deal represents a net yield of 8.7 per cent.

The Fix portfolio consists of 34 multi-let industrial estates and 14 stand-alone properties. There are a total of 273 units on 1.6 million sq ft with 14 per cent of it in Scotland and the remainder in England and Wales.

Major tenants include Howdens Joinery, Screwfix, Topps Tiles, Travis Perkins and Wolseley, generating a total annual rent of more than £10m.

Jones Lang LaSalle acted for the purchaser and Montagu Evans in Glasgow represented the vendor.

Fund manager Charlie Walker said: “We believe that the trade park sector is a significant growth area.”