THE Crown Estate has today (Friday, January 30) announced it has sold Crown Industrial Estate, Taunton, to Legal & General Property for £17.25million.
Hannah Milne, regional portfolio manager for The Crown Estate, said: “With the economic recovery continuing to move beyond London, investors have been increasingly looking to make new acquisitions, especially in assets like industrials which have been less fully priced than retail or offices over recent years.
“In the context of a strong investment market, we have been able to make this opportunistic disposal at Taunton, which will generate capital for deployment across our core sectors.”
Legal & General Property has acquired Crown Industrial Estate in Taunton on behalf of its Industrial Property Investment Fund (IPIF).
Tim Packer, senior asset manager for IPIF at Legal & General Property, said: “Further increasing the fund’s weighting to trade occupiers, this acquisition provides us with a number of attractive asset management opportunities.
“Using our unique development and sector specialist skills, we look forward to turning the estate into the dominant industrial trade scheme in Taunton.”
The 167,000 sq ft Crown Industrial Estate was built by The Crown Estate in the 1970s in a number of phases.
It is split into 27 units, which are let to a range of businesses including Debenhams, Smiths News, Cable & Wireless, Skanska and Screwfix.
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