CBRE Investment Management Sells Portfolio of Six UK Industrial Estates to Legal & General

February 7, 2022


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Helen Stott

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CBRE Investment Management, on behalf of a separate account client, has sold the Porto Portfolio, comprising six freehold multi-let industrial estates across the East, South East and South West of England, to Legal & General (“L&G”).

The Porto Portfolio represents a total of 403,087 sq ft of industrial space, with unit sizes ranging from 4,679 sq ft to 30,280 sq ft. The properties are located in Oxford, Maidstone, Southampton, Huntingdon, Bristol and Gloucester, housing a mix of 23 local and national long-term occupiers across 32 units. Tenants include Screwfix, Toolstation, Howdens and Travis Perkins.

Richard Dean, Head of UK Transactions and Real Estate Execution at CBRE Investment Management, said: “This was an excellent opportunity for a buyer to purchase a portfolio of high-quality assets, in a sector that continues to see strong demand. Underpinned by the rise of e-commerce, the UK industrial sector has proved extremely resilient throughout the Covid-19 pandemic and investor demand for urban logistics assets and well located multi-let estates has increased significantly as a result. With maximum occupancy already achieved, the Porto Portfolio was understandably sought-after.”

Rob Codling, Fund Manager, LGIM Real Assets added: “The Porto Portfolio represents a key acquisition for Legal & General’s Managed Fund, as we continue to upweight in urban logistics and multi-let regional industrial estates. The portfolio provides good quality holdings, in core locations, set to benefit from favourable supply demand dynamics. Over the last month the Fund has invested £150m across a string of deals as we continue to commit to best-in-class assets and drive attractive growth propositions for our investors.”

Knight Frank advised CBRE Investment Management.

About CBRE Investment Management

CBRE Investment Management is a leading global real assets investment management firm with $146.9 billion in assets under management* as of June 30, 2022, operating in more than 30 offices and 20 countries around the world. Through its investor-operator culture, the firm seeks to deliver sustainable investment solutions across real assets categories, geographies, risk profiles and execution formats so that its clients, people and communities thrive. 

CBRE Investment Management is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBRE), the world’s largest commercial real estate services and investment firm (based on 2021 revenue). CBRE has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE Investment Management harnesses CBRE’s data and market insights, investment sourcing and other resources for the benefit of its clients. For more information, please visit

*Assets under management (AUM) refers to the fair market value of real assets-related investments with respect to which CBRE Investment Management provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real assets-related loans. This AUM is intended principally to reflect the extent of CBRE Investment Management’s presence in the global real assets market, and its calculation of AUM may differ from the calculations of other asset managers and from its calculation of regulatory assets under management for purposes of certain regulatory filings.