Overseas investors accounted for over half of volumes for the second consecutive quarter in Q1, driven mainly by US investors.
Blackstone were particularly active as it looks to build its last-mile logistics platform Mileway. The US private equity firm completed five deals in Q1, including the £120m acquisition of Clearbell’s Cara Portfolio in March, at a NIY of 5.35%.
Well-located assets remain highly sought after. Blackstone and M7 Real Estate bought Sands 10 Industrial Estate in High Wycombe for £21.65m at a NIY of 4.71%, and, a 45,300 sq ft unit let to builders merchant Selco, in Wembley for £16.1m, at a NIY of 3.57% (OMV), from Aviva Investors and Canmoor. Both deals completed after the UK entered lockdown in March.