A joint venture between GIC and Chancerygate has acquired the Gigha portfolio for £120M from Legal & General Investment Management. The portfolio of 17 multilet industrial assets totals 626K SF across 78 units.

The portfolio’s assets are throughout the UK, with sites in Hounslow, Park Royal, Welwyn Garden City, Northampton, Tonbridge and Totton. Approximately 90% of the space is occupied.

This latest investment deal follows Chancerygate’s acquisition of the 685K SF Questor Industrial Estate in Dartford for £145M earlier this year.

The company also acquired Birch Business Park in Heywood, Greater Manchester, and Spa Trade Park in Tunbridge Wells, Kent, totalling 487K SF for more than £75M.

“Multi-let industrial continues to be recognised as an asset class providing the potential for a diversified income stream with significant opportunities to add value, through capture of inherent reversion, lease up of vacant space and refurbishment to improve ESG credentials,” Chancerygate Head of Investment Management Simon Cowley said in a statement.

Founded in 1995, Chancerygate claims to be the UK’s largest urban logistics property developer and investment manager. It also has a growing European platform, with offices in Dublin, Madrid, Lisbon and Paris.

Following the latest deal, the company now manages around £600M of investment assets in the UK, comprising more than 500 units totalling about 3.75M SF of commercial space.

The company also has around 1.4M SF of urban logistics space under construction or ready for development across 11 sites nationally. In April, Investec Bank provided a joint venture between CBRE Investment Management and Chancerygate with an £18M senior loan for the development of a 93K SF Grade-A industrial scheme in Croydon, south London, called The Works.

Knight Frank and Maples Teesdale acted on behalf of Chancerygate, while JLL advised Legal & General Investment Management.