A listed property company that invests in real estate has completed the acquisition of two distribution warehouses at the Orion Business Park in Ipswich for almost £12m.

Kennedy Wilson Europe Real Estate has paid £11.6m for the units, which total more than 203,000 sq. ft. of space.

Following this acquisition, KWE’s UK industrial portfolio now includes 31 assets totalling more than 3.1 million sq. ft.

Head of asset management at Kennedy Wilson Europe, Mike Pegler, said: “The acquisition at Orion Business Park complements our existing UK industrial portfolio with value-enhancing asset management upside.

“Situated within close proximity to Felixstowe port, the UK’s biggest container port, Orion Business Park provides good access to the port within an improving logistics centre.

“This alongside low average in place rents of c. £5 psf, provides us with good options to grow income and enhance values.”