The biggest acquisitions was steel company Corus' distribution centre at Steelpark Way in Wednesfield bought for £26.5 million ($42 million). Corus has agreed to lease back the 700,000 sf of warehousing and 20,000 sf of offices on a 50 acre site on a 20-year lease at £2.4 million ($3.8 million) per annum. In addition there is 15 acres of developable vacant land. Ian Watson, Joint Chief Executive of Ashtenne, said: "At 9% initial yield this purchase enhances the already high current yield of the fund with further growth to come due to the indexing and the development potential."
The fund has also acquired the Severnside Trading Estate, in Burcott Road, Avonmouth, Bristol from Imperial Tobacco Pension Fund for £7.2 million ($11.5 million) and a further £6.8 million ($11 million) of industrial property in South Wales. At the same time Ashtenne has completed sales of four properties originally acquired as part of a portfolio purchased from Ascot.
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