23 June 2014

Forsters advises Rockspring on acquisition of industrial and office portfolio

Commercial Real Estate partners Victoria Towers and Magnus Hassett and their team have advised longstanding client Rockspring Hanover Property Unit Trust on the acquisition of a portfolio of 10 industrial estates and an office park for a purchase price of £62,070,000. 

The multi let estates, comprising over 170 units and approximately 900,000 sq ft are located across the south east of England. With an annual net rental income of approximately £4.9 million, tenants at the properties include Virgin Media, HSBC Bank and Halfords. 

Paul Crosbie, assistant director at Rockspring, said: “The portfolio comprises a selection of well-located, edge of conurbation estates across the south east that are surrounded by higher value alternative uses. The assets provide an appealing, diverse income stream that will respond well to the application of capital expenditure and active asset management, such as re-gearing existing leases, letting vacant space and potential for development in the long-term.” 

Victoria and Magnus were assisted by Amy France and several members of the Commercial Real Estate team as part of the due diligence process with specialist advice provided from across the practice areas by the Construction, Real Estate Litigation, Planning and Tax teams.

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