Funds advised by Aureon Partners and Caisson iO have launched a UK multi-let industrial (MLI) property investment platform, seeding it with £36m of acquisitions in Weston-super-Mare and Leeds.
The Weston Estate, Weston-super-Mare
In Weston-super-Mare, the platform, which is targeting multi-let industrial assets in key regional UK conurbations, acquired the 303,000 sq ft Weston Industrial Estate from Legal & General. The 21.5-acre estate has 64 units let to 50 tenants.
In Leeds, the platform acquired Metro Park, a 52,000-sq ft industrial estate two miles south of the city centre.
Aureon and Caisson iO intend to grow the portfolio to a gross asset value of £300m in the next 12 to 18 months.
“This strategy is a compelling example of our thesis-driven approach to investing,” said Aureon Partners principal Andreas Rentsch . “Through our platform model, we will offer institutional investors differentiated exposure to this asset class with a very attractive risk-return profile”.
Caisson iO managing director Tim George added: “Light industrial assets continue to offer resilient cash flows, a diversified tenant base and attractive relative value. These acquisitions align with our objective of delivering robust, resilient income and strong risk-adjusted returns for our investors.”
Aureon and Caisson iO were advised by Knight Frank, Cushman & Wakefield, Gowling WLG and Womble Bond Dickinson on the deals. ACRE advised Weston Industrial Estate’s vendor and CBRE advised Metro Park’s vendor.
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