The Industrial Trust sold Hartlebury Trading Estate, a 180-acre industrial property complex located about 130 miles northwest of London, to Schroder Life Fund for Â£46.5 million.
Hartlebury Trading Estate is Worcestershire's largest industrial property. It has a total floor area of 1.4 million square feet with 182 units. There are about 85 tenants including TNT, Fedex, Forest Garden and Just for Pets.
The assets of the Industrial Trust, a multi-let industrial fund, were handled by Valad Europe.
"Prior to identifying a purchaser for Hartlebury Trading Estate, we completed a comprehensive programme of intensive asset management and a rolling property maintenance plan which reduced the void on the estate by 60 percent in the last 12 months," Rob Howe, Valad Europe's head of U.K. Real Estate, said in a statement. "Intensive management of this kind is only achievable with local teams of asset managers who have the requisite level of skills and local knowledge about both the assets and the occupier market."