Rockspring Acquires Wollaston Industrial Estate, Basildon, Essex, UK

London, United Kingdom, August 06, 2010 --(PR.com)-- Rockspring’s Hanover Property Unit Trust, advised by Caisson Investment Management and represented by Montagu Evans, has acquired the freehold investment of Wollaston Industrial Estate, Basildon from Standard Life for a price in excess of 5.0 million pounds Sterling, reflecting a yield in of approximately 8.75%.

The 130,000 sq ft (12,000 sq m) scheme produces a gross annual income of 490,000 pounds Sterling. The estate has 35 separate multi let industrial units ranging in size from 2,000-20,000 sq ft and tenants include; Gardner Aerospace, Trafag UK and RIM plastics Technology.

Rockspring’s Paul Crosbie says: “This acquisition continues our strategy of seeking multi-let industrial assets which require specialist asset management. The estate has great potential and, with some careful asset management to bring added value, we expect it to perform well.”

Caisson Investment Management’s Mark Bowden adds: “Historically, Basildon has always done well as a multi-let industrial location. We expect, once we have put our asset management plan in place, to revitalise the estate, bring back tenants and enhance the asset’s underlying value by focussed active asset management.”

Standard Life was advised by Strutt & Parker.

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For further information please contact:
Andrew Barber
Revolution Public Relations
andrew@revolution-pr.co.uk
www.revolution-pr.co.uk