This transaction is part of Indurent's £1bn of acquisitions in 2024, with around £600m spent on operational assets and approximately £400m allocated for funding new developments.

The portfolio comprises a mix of multi-let estates and mid-box warehouses located across the UK in areas such as Leeds, Manchester, Reading, and Birmingham, as well as two land plots.

Indurent will implement a refurbishment programme, making the units suitable for modern warehouse occupiers by focusing on energy efficiency and ESG credentials.

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Julian Carey, CEO at Indurent, commented: “The long-term outlook for the sector remains highly compelling.

“This acquisition further underlines our commitment to building a portfolio of high-quality, well-connected assets which give our customers the best choices from which to run and grow their businesses.

“We are actively seeking opportunities to expand our portfolio in 2025 through further acquisitions, as well as developing an additional 2 million sq ft of new sites each year from our significant landbank, creating jobs and fuelling national and regional growth.”