Block Industrial announces latest acquisition

Block Industrial announces its latest acquisition of an industrial property located in Redditch wholly leased to automotive supplier Antolin Interiors. The 90,183 sq. ft. property was acquired from a subsidiary of Granite, a Canadian-based REIT.

The acquisition is the joint venture’s fourth in as many months, following the purchase of single-tenant let properties located in Ripon (leased to Wolseley), Bury St. Edmunds (leased to Dorel UK), and Bristol (leased to Selco). Acquired properties and those scheduled to close imminently puts Block Industrial at £80m of property since launch.

Michael Heal, Founder of Copley Point Capital added:

The Redditch property is a strong addition to our joint venture with Davidson Kempner, and demonstrates our flexibility in sourcing single-tenant industrial real estate through a mix of development funding, sale-leaseback and straightforward property acquisitions. Davidson Kempner is a first-class investment partner, who have supported our growth plans, and allowed us to execute on transactions quickly and reliably. The latest purchase is another building block in our UK industrial portfolio that we expect to build to £200 million in the near term, ahead of raising third party capital later this year. That fund raise, combined with our track record in the industrial space, will mean we can capitalize on our pipeline of core and core plus opportunities here in the UK for DK and other investors.