Warehouse REIT said it had acquired an eight-asset fully-let portfolio of reversionary warehouse and distribution assets from Aviva Investors for an initial £70m.
The assets produced an annual rent of £5.4m, and the purchase price reflected a net initial yield of just over 7%.
An additional deferred payment of up to £5m was due on or before September 2023.
The portfolio comprised one multi-let and seven single let warehouses providing a total floor area of 995,106 square feet, with individual units ranging from around 50,000 to 217,000 square feet.
The occupiers included Iron Mountain, Direct Wines, the Sytner Group and Amazon.