Ryden Completes the Purchase of Prestonfield Industrial Estate for £14.45m
03 November 2020
Acting on behalf of Ribston, Ryden has completed the purchase of Prestonfield Industrial Estate in Edinburgh from Aviva for £14.45m, reflecting a net initial yield of 4.96%.
Prestonfield Industrial Estate is a modern multi-let development located 2 miles from the city centre providing 11 units across a range of sizes. In total the estate extends to 99,385 sq ft. and boasts a strong tenant line-up including Edinburgh City Council, Howdens, St Andrews Timber and City Plumbing supplies.
Nick Armstrong, Investment Associate at Ryden, commented:
“This transaction showcases the resilience and increasing popularity of the industrial sector amongst investors, despite of, and indeed heightened, by the knock-on effects of the pandemic.
“We're delighted to have assisted Ribston with their purchase, which follows a competitive bidding process. Prestonfield Industrial Estate is an asset we have been keen to get involved with for some time. Opportunities to acquire prime multi-let product of this nature in the City do not come around often, particularly when you consider the numerous qualities of the estate. Our industrial agency team are very excited about working with Ribston on the estate going forward.”
Ryden acted on behalf of Ribston in this transaction, whilst JLL represented Aviva.
