Ribston completes double acquisitions

16/06/2020

Ribston Property Unit Trust (RPUT), a fund co-invested in and managed by Ribston, has recently completed two acquisitions located in large UK cities.

244-256 Causewayside, Edinburgh was acquired from a private investor and comprises 23,362 sq ft in a terrace of seven units, all of which are let and income producing.  

Two prime units at Gelderd Road, Leeds, were acquired from a client of LaSalle Investment Management. The tenant, Clipper Logistics PLC, operates a contract for supermarket operator Morrisons from the buildings, which extend to 90,464 sq ft.  

The two acquisitions were made at a gross cost of £12.25m and combine to provide an initial yield of 5.1%.

Reith Lambert (Edinburgh) and JLL (Leeds) acted for RPUT on the acquisitions. The private seller of Causewayside was represented by Ryden, and Stonehill Partners acted on behalf of LaSalle Investment Management.  

Joe Havery, Director commented “These acquisitions demonstrate our confidence in very good quality city centre industrial property.  Both properties have extremely strong fundamentals, being both very defensive as well as being prime candidates for relative outperformance in better times. These dual characteristics have been at the core of RPUT’s acquisition programme since its launch in December 2016.”    

James Havery, Director added “This recent purchase activity, and another we currently have in legals, follows the re-structuring of RPUT in December 2019. The original closed end fund was converted to an Evergreen structure which also saw further equity being committed by Unitholders.  This demonstration of support puts the fund in a great position to consider new opportunities now and into the future.”

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