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TH Real Estate acquires office complex and industrial unit on behalf of UK Property Fund

TH Real Estate has acquired a purpose-built office complex in Putney and an industrial unit in Eastleigh, on behalf of its UK Property Fund.

Blades Court, the 12,823 sq ft office complex in south west London, was acquired by TH Real Estate for £6.53m. Arranged over six buildings, the asset provides views over both Wandsworth Park and the River Thames. The average passing rent at the property is below £20 per sq ft, and therefore offers immediate reversion. Frost Meadowcroft and Fineman Ross acted on the deal.

Meanwhile in Eastleigh, the Fund completed the off-market purchase of a 40,000 sq ft industrial unit on Parnham Drive for £3.3m, reflecting a net initial yield of 6.4%. The unit, which is let to Travis Perkins until 2034, is strategically located with easy access to the M3 and M27 motorways. The asset also benefits from six dock levelers, a secure fenced yard, and a low site cover of 37%. Lambert Smith Hampton and Brown Cooper Marples acted on the deal. 

David Pearce, Fund Manager, UK Property Fund at TH Real Estate, commented: “Blades Court offers an excellent opportunity for the Fund to enhance returns through active asset management given the low passing rent and current market dynamics. In addition, potential redevelopment opportunities may be considered in the future. The acquisition of the industrial unit in Eastleigh will provide the Fund with a long-term income, to an undoubted covenant.”

Issued by Henderson Real Estate Asset Management Limited, 201 Bishopsgate, EC2M 3BN. Authorised and regulated by the Financial Conduct Authority. TH Real Estate is a name under which Henderson Real Estate Asset Management Limited provides investment products and services. The value of investments and any income will fluctuate (this may be partly be the result of exchange rate fluctuation) and investors may not get back the full amount invested. Where opinions have been expressed, they are based on current market conditions and are subject to change without notice.

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