DLA Piper has advised St. James's Place Property Unit Trust on the acquisition of Lister Road industrial estate from Store Property for £13.25 million. The sale price represents a net initial yield of 6.5 per cent.

Lister Road industrial estate is a 130,407 sq ft established multi-let industrial and trade counter estate, situated on a 7.2 acre site in south west Basingstoke.

Comprising 20 warehouses and trade units, the estate is currently let to 13 tenants on 17 leases which produce rental income of £914,556 per annum. Current tenants include, Pilkington Glass, Leverton-Clarke, Hampshire County Council and Edmundson Electrical.

The estate has an average weighted unexpired lease term of 4.7 years.

Paul Dineen, Legal Director at DLA Piper, advised St, James's Place, who instructed Orchard Street Investment Management, the specialist commercial property investment manager on the acquisition. Gemma Lodge and Laura Glover (both associates, Real Estate) assisted.

Paul said: "We were delighted to have advised on the acquisition of this high quality industrial estate, which was completed in line with a tight timescale."

DTZ acted for Orchard Street and Deloitte acted on behalf of Store Property.