Orchard Street Buys UK Industrial Estates
Orchard Street Investment Management LLP has agreed to buy two industrial estates in the United Kingdom.
In Greenwich, Orchard Street has agreed to acquire the 16,300-square-metre City Cross Business Park from Aviva Investors for £21.1 million (€26.6 million). The acquisition, reflecting a net initial yield of 6.25 percent, was made on behalf of a pension fund client of Orchard Street.
Orchard Street has also acquired Cobbett Park, Slyfield Industrial Estate, Guildford, on behalf of a pension fund client. The 11,650-square-metre property was sold by Legal & General Property’s Industrial Property Investment Fund for £19 million (€23 million), at a net initial yield of 6.16 percent.