The former NKU portfolio was purchased from the John Lewis Pension Trust for £18.575m, reflecting a net initial yield of 8.8%. The portfolio comprised six good quality industrial lots in well-established locations across the UK, mostly with relatively short average unexpired lease terms. The business plan at purchase was to proactively address that, and improve tenant covenant strength through re-letting, where necessary. Providing a total of 28,335 sq m (305,000 sq ft) of industrial and warehousing accommodation, the properties are currently let to 15 tenants. Active asset management initiatives, primarily lease re-gears, have already either been completed, or are currently underway, across the portfolio.