File picture: James White

CAPE TOWN – Atlantic Leaf Properties, the UK Reit with its primary listing on the JSE, said on Friday that it would acquire an industrial property known as Koito, in Droitwich Spa in the UK, from Telereal Droitwich, for £11.89million (R217.23m). 

Atlantic Leaf, which focuses on investments in the industrial sector of the UK, said in a statement that the acquisition would be funded through redeploying a portion of the proceeds from the disposal of the joint venture investment in a property portfolio leased to DFS Trading. 

The Koito property is in the business area of Hampton Lovett Industrial Estate, in central England, an estate that accommodates other large well-known industrial occupiers such as Amazon and Muller. 

The purpose-built manufacturing facility is fully let to Koito Europe, a supplier to the European automotive industry specialising in vehicle lighting. The tenant is Koito Manufacturing, a Japan listed multinational. 

The remaining lease term was 14.6 years.