Andrea Taverna-Turisan. Picture: SUPPLIED
Andrea Taverna-Turisan. Picture: SUPPLIED

Equites Property Fund, an industrial property specialist, has acquired its ninth property in the UK, meaning that about one third of its asset base is now in the region.

The company’s SA assets are worth about R8bn while its UK assets were worth R3.89bn (about £210m) before the deal.

Equites said that through its Isle of Man-based wholly owned subsidiary, Equites International, it had concluded an agreement with Barlow Property II LLP, to acquire a new, 24,340m² distribution centre situated in Glasshoughton, near Leeds, from the seller for £30.675m, or about R560m. The property has a 15-year lease with sportswear group Puma. 

Equites CEO Andrea Taverna-Turisan said the acquisition enhanced Equites’s strong UK portfolio. 

“It’s a strong asset and part of our healthy growth plan. It’s in line with our diversification into the UK which we embarked on in order to mitigate the risks of its emerging market focus and access the advanced know-how and technology in respect of logistics facilities in the UK,” he said.

Equites focuses on premium “big-box” distribution centres, let to investment grade tenants on long-dated “triple net leases”, in proven logistics nodes and built to institutional specifications.

“We are building a high-quality logistics portfolio, consisting of properties with predictable rental growth profiles, that promotes capital growth and increasing income returns over the medium to long term,” Taverna-Turisan said.