Bristol business park Emerald Park East has been sold by industrial property developer Segro as part of an £80.2m package of five sites.
The 235,635 sq ft business park at Emersons Green, generates annual income of £1.71m from 17 units which are let to tenants including Knorr Bremse Systems, Sungard Availability Services and Smiths News Trading.
The buyer is UK Commercial Property Trust (UKL CPT),a property fund managed by Ignis Asset Management.
Segro chief investment officer Phil Redding said: “We continue to make good progress on our strategic objectives, which includes the reshaping of our portfolio to ensure that we hold the highest quality assets in the strongest markets.
“The sale of these assets demonstrates that, despite the uncertain economic environment, investor demand for industrial assets remains resilient.”
Segro remains a major owner and developer of industrial space around Bristol.
UK CPT will finance the deal through use of part of a £150m facility agreed with Barclays Bank last May.
UK CPT chairman Christopher Hill said: "This transaction fits well with our strategy of acquiring good quality assets that, particularly in these uncertain economic times, both complement our existing portfolio and offer strong, defensive income characteristics.”
