A Black Country industrial estate has been sold for £34 million.
Wednesbury Trading Estate, in Darlaston Road, has been bought by German investor Patrizia from Tristan Capital Partners which acquired the site in 2019.
The estate comprises around 50 industrial units of varying sizes totalling 440,000 sq ft and has welcomed Toolstation and Howdens Joinery Group as tenants under Tristan’s ownership.
The estate is managed by M7 Real Estate.
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Jean-Phillipe Blangy, head of asset management at Tristan Capital Partners, said: “The West Midlands boasts a strong local economy and easy connections to the rest of the country, ensuring well-located industrial assets like this will always attract investor interest.
“The sale of this asset off-market is testament to the smart management and sizeable increase in rent return since we acquired it two years ago.”
Sadie Fitzpatrick, senior asset manager at M7 Real Estate, added: “Completion of the various asset management strategies, in record time, enabled an early disposal which took advantage of the current levels of exceptionally strong demand for high quality, well-located multi-tenanted industrial estates such as Wednesbury.
“We are pleased that Patrizia shares our view of the long-term prospects for this key industrial estate in the heart of the West Midlands and that together we have delivered a good result for our client and the (selling) fund.
“We are proud to have worked on this project, our first with Tristan Capital Partners, and we look forward to growing the relationship in the future.”
Advisers on the deal were TT&G, Caisson and Gerald Eve.