An industrial park near Cheltenham has been snapped up for £5.15 million.

BCCIM (a joint venture between Barwood Capital and Caisson iO) completed the off-market acquisition of Units 1-4 Bamfurlong Industrial Park, Cheltenham, on behalf of the Urban Industrial Income LP (UII).

The units were sold by Dunmoore Properties Limited, the property investor and developer.

Units 1-4 Bamfurlong Industrial Park is a fully let multi-let industrial estate, located approximately 3.5 miles west of Cheltenham, close to Junction 11 of the M5.

The asset is let to four occupiers, with space totalling 39,487 sq ft.

UII was launched in May 2021 to invest in multi-let and urban industrial assets in regional locations across the UK. This latest purchase marks the sixth acquisition for the UII fund and takes its AUM to c.£45m across c.0.54 million sq ft of space.

Jonathan Ellerington, senior investment manager at Barwood Capital, said: "This latest acquisition comes as we seek to raise further funds and BCCIM is in detailed discussions with a number of potential investors."

James Burgess, director of investment management at Caisson iO, said: "We are delighted to secure this off-market acquisition. Cheltenham is an excellent location with a strong labour supply and access to the M5. Current redevelopment on the wider estate will further improve the area and profile of occupiers. Despite economic headwinds, we remain committed to the sector due to the dearth of supply, demand for good quality space and strong rent collection rates."

Previous purchases by UII include Rushock Trading Estate, Droitwich; Graylaw Trading Estate, Aintree; Waleswood Industrial Estate, Sheffield; the M54 Space Centre in Telford; and Unit 25, Whistleberry Park in Blantyre, Glasgow.