Patrizia has joined forces with Caisson Investment Management for a new mandate to invest in a multi-let industrial real estate during the lockdown in the UK.
The first investment has already been made through the 鈧�41m acquisition of the Quarry Wood Industrial Estate near Maidstone.
Patrizia said the plan was to assemble 鈥渁 portfolio with exposure to a sector that has remained resilient throughout the lockdown and continues to be underpinned by strong market fundamentals, principally the growth in online shopping鈥�.
Jamie Younger, head of transactions for the UK and Ireland at Patrizia, said: 鈥淲e are pleased to be working with Caisson as our asset manager on this latest mandate, focusing on an area of the market that has successfully withstood the challenges of COVID-19.
鈥淚ndustrial real estate has delivered robust rent collection rates over the last few months and continues to be underpinned by long term structural resilience, including the growth of e-commerce and last-mile delivery.鈥�
The six-hectare industrial estate has about 42,000sqm of lettable space across 27 units let to 18 tenants. Occupiers range from local, regional and national businesses in manufacturing, distribution and e-commerce.
鈥淨uarry Wood Industrial Estate is a popular, well-located multi-let industrial estate that provides diversity of income,鈥� said Younger.
鈥淭he site also has potential institutional quality, which will be delivered through the active asset management expertise and specific sector strengths of Patrizia and our partner, Caisson.鈥�
Philip Stott, investment partner at Caisson Investment Management, said it was the seventh mandate with Patrizia.
鈥淭he UK multi-let industrial sector has proven to be robust through these challenging times and we are pleased to have efficiently executed the transaction during lockdown,鈥� he said.
