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PATRIZIA AG has sold a multi-let industrial asset in Barking, London, to the London Borough of Barking and Dagenham on behalf of its UK-focused, actively managed, open ended fund, PATRIZIA Hanover Property Unit Trust, (‘Hanover’). Hanover, which is consistently outperforming its benchmark, the MSCI/AREF UK property fund index on a three, five and ten year basis, has a net asset value of circa £500m spread across 19 UK assets and 50 year history.
PATRIZIA purchased the circa 85,000 sq ft industrial asset in Barking in 2014 with a value of around £8 million as part of a strategic decision to increase its weighting in multi-let industrial in the South East.
The industrial and logistics sector comprises around half of Hanover’s portfolio contributing circa £250m to the total value of PATRIZIA’s European industrial and logistics portfolio of approximately £4.5 billion.
Source : Company