In March 2017, we acquired a seed portfolio consisting of 12 industrial assets, capitalising on favourable post-referendum conditions to acquire assets below replacement cost. We continued to build our portfolio with further acquisitions between September 2017 and March 2019. Through seven separate transactions, a significant portion of them off-market, we aggregated a high-quality portfolio of 23 assets.

Our focus lay in an undersupplied sector with structural growth dynamics and an attractive running yield: urban logistics units across the UK.

Having targeted units with low in-place rents income growth was delivered via refurbishment and re-leasing of vacant units, and intensively managed rent reviews and lease re-gears.

The portfolio was sold to Mileway (Blackstone) for £120m in March 2020, a price reflecting the portfolio aggravation and asset management value added.