Kier Property is pleased to announce that it has sold its Trade City development in Gravesend to
Legal & General’s Industrial Property Investment Fund (IPIF) for £11.85m.
Kier purchased the wider 4.15acre site in 2018 to develop the trade-counter industrial scheme and an Lidl store on the adjacent site.
The six unit scheme reached practical-completion in December 2021 with a BREEAM excellent rating and hosts occupiers, Screwfix, Tool Station and Easy Bathrooms.
Leigh Thomas, managing director for Kier Property commented: “This sale represents the strength of our brand and investment in key locations. The sale recycles cash back into the business to reinvest in the industrial sector.”
Kier Property has developed more than 6 million sq ft of industrial space under its Trade City and Logistics City brands. In addition to Gravesend they have schemes in Andover, Luton, Manchester, Whiteley and Winsford.
At the point of sale two further units were under offer.
Jonathan Holland, IPIF Senior Fund Manager added: “The acquisition of Trade City Gravesend continues IPIF’s strategy of recycling capital into high quality, well located multi-let assets with a weighting towards the South East. The Fund has significant trade counter exposure and the management platform to ensure further value is created for our investors. The purchase is one of a large number completed by the Fund over 2021, with a strong pipeline in place for 2022.”
Kier Property was advised by Savills and LSH.