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Atlantic Leaf’s industrial exposure increases to 79%

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JSE-listed property group Atlantic Leaf Properties has, through its subsidiary Basswood, concluded the acquisition of Gilbert House, an industrial property in Denby Hall Business Park, in the UK.

The net purchase consideration is just over £8.6-million and will be funded from existing cash reserves and by drawing down on an existing debt facility.

The property is a distribution warehouse and the acquisition is consistent with Atlantic Leaf’s primary investment focus in industrial assets and takes the company’s industrial exposure up to 79%.

The new asset offers an attractive long-term income for Atlantic, which on Monday said Lockwood Group had signed a 15-year lease on the property in June, subject to five-yearly upward only rent reviews.

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