JSE-listed real estate investment trust (Reit) Industrials REIT has acquired four multi-let industrial estates in Boston, Barnsley, Leeds and Stockton on Tees, in the UK, for £20.86-million. The purchase price reflects a blended net initial yield (NIY) of 5.7% and an average capital value of £80/ft2. Totalling 260 000 ft2, the newly acquired assets generate £1.25-million of rent a year, which equates to a low average passing rent of £4.82/ft2.
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