Legal & General has purchased Lineside Industrial Estate in Sussex for £21 million.

The group's Managed Property Fund acquired the site from Cording Real Estate Group.

The site, located in Arndale Road at Littlehampton between Portsmouth and Brighton, is a freehold multi-let estate comprising 28 industrial and trade counter units, totalling 207,360 sq ft. There is an additional 0.85-acre development site, for which Cording obtained planning consent for 13,183 sq ft of industrial space.

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Mark Russell, Senior Fund Manager of the Managed Property Fund, said: "This is a great buy for the Fund, providing a rare opportunity to purchase a relatively large south east industrial asset within a supply-constrained market. The purchase allows us from day one to implement a number of genuine asset management initiatives to capture further rental growth, which will deliver strong returns to our investors."

Adam Crickmore, Fund Manager at Cording, added: "We sold Lineside after we had applied our asset management strategy and completed our business plan. This involved increasing rental levels to £7/sq ft and securing planning consent for the additional land.

"Lineside is the third asset to be sold from a portfolio of six UK industrial estates, which we acquired in March 2015 at a blended net initial yield of 9.25%."

(CM/MH)