Standard Life property fund buys Harlow trade park

The Standard Life Investments UK Property fund has bought a trade park in Harlow from Axa Real Estate.

Ascent Park on Edinburgh Way, which is approximately 20 north of central London and 36 miles south of Cambridge, has been acquired by the £286.4m fund for £9.97m. This price represents a yield of 6.2%.

The 5.6-acre trade park houses nine units and is fully-let to eight tenants including Safestore Trading, Multi-tile Limited and Screwfix Direct. Tenants have an average weighted unexpired term of 7.8 years.

Nigel Chapman, the manager of Standard Life Investments UK Property fund, says: “The purchase of Ascent Park will both further improve the fund’s yield and reduce its overall cash balance.

“The size and quality of these industrial units, together with the asset’s multi-let occupational profile will enable active asset management going forward.”

To receive more relevant articles like this one, why not sign up to our briefings and breaking alerts by clicking here.