The Blackrock Industrial Trust (BRIT), represented by international real estate advisor Savills, has purchased 211-256 Europa Boulevard at Gemini Business Park in Warrington from a client of DTZ Investment Management for £7.05 million, reflecting a net initial yield of 8%.

Occupying a prominent position within one of Warrington's most established commercial areas, the multi-let industrial estate comprises 26 units totalling 118,871 sq ft (11,043 sq m). The estate is currently let to 17 tenants on 19 leases with scope to grow the income through asset management. Current tenants include C & J Clark International Ltd, Warrington Primary Care Trust and ThyssenKrupp Encasa Ltd.  Canmoor will asset manage the property and a major refurbishment is planned to re-establish Europa as one of the main trade counter locations in Warrington

James Williams, investment director at Savills, comments: "This asset offers our client on-going asset management opportunities to drive returns in line with the Fund's strategy and shows that it remains possible to find value in an increasingly competitive market.  Stock selection is key."

The BlackRock Industrial Trust (BRIT) is a wholly-owned subsidiary of the BlackRock UK Property Fund, targeting a £150m-sized high-yielding industrial estates portfolio. Canmoor is the asset management partners to BRIT.

DTZ advised the vendor.

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