Rockspring - Lancashire, Walker Park, Blackburn

Date: 20 Dec 2011

Rockspring acquires industrial properties in Blackburn for £7.5m

Rockspring on behalf of Halifax Pension Nominees Ltd, advised by Caisson Investment Management, has acquired the freehold investment of six industrial properties at Walker Park, Blackburn, Lancashire from Bilsdale Properties Ltd for £7.5 million.

Units 9-12, 16 & 17 Walker Park total 195,567 sq ft and produce an annual income of £829,650. Tenants include Rolled Alloys, Castle Metals, and Wincanton plc. The transaction reflects a net initial yield of 10.25%.

James Ward of Caisson Investment Management says: "We are pleased to have acquired this quality industrial estate on behalf of our client Rockspring, which provides a secure income backed up by strong covenants, with some clear asset management initiatives to enhance value."

Paul Crosbie at Rockspring adds: "This acquisition continues the theme of buying quality multi-let industrial assets which through the application of specialist asset management are expected to perform well."

Fletcher King represented Bilsdale Properties Ltd. Joiner Cummings represented the purchaser.

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