TT Group continues investment with the acquisition of five industrial assets for £33m
TT Group has acquired five muti-let industrial estates covering 386,000 sq ft for a total of £33.32m, across three separate deals.
The first transaction covers three well-established and strategically located multi-let industrial estates in Hatfield, Biggleswade, and Bury St Edmunds. The assets are all reversionary and offer immediate opportunities to add significant value through asset management initiatives.
In Twyford, TT Goup has acquired Tavistock Industrial Estate, a 12-unit estate with a strong tenant base, located in an area with limited comparable industrial premises. Cushman & Wakefield advised TT Group on the acquisition.
In Southampton, TT Group has acquired two self-contained units on Solent Industrial Estate. Formerly occupied by Travis Perkins, the 1.85-acre site has since been split into two units that have both been fully refurbished. Allsop LLP advised TT Group on the acquisition.
Commenting on the deals, Paul Munday, Head of Investment Acquisitions at TT Group, said: “We are pleased to complete the acquisition of these well-located industrial assets that offer an immediate and diversified income stream across strong underlying real estate. Our team has already identified asset management opportunities to enhance the value and performance of these assets, and we are looking to invest further monies through capex across the estates.
These latest transactions demonstrate our ability to move quickly on commercial opportunities and willingness to invest despite economic uncertainty, which is a testament to our strong balance sheet, and conviction to underwrite and fund deals across all market conditions. As a business, we are keen to acquire similar assets to expand our portfolio throughout the UK.”