Tue, 03/06/2014 - 12:03
M&G Real Estate has acquired Indesit’s distribution warehouse in Raunds, Northamptonshire for GBP32.5 million, representing a net initial yield of 6.36 per cent and a guaranteed reversionary yield of 7.19 per cent in January 2016.
The purchase was made on behalf of the M&G Property Portfolio, managed by Fiona Rowley and Justin Upton of M&G Real Estate.
The warehouse is a well specified modern unit of 467,323 sq ft, set on a 25 acre site on the A45 corridor. It is let to Indesit Company UK Limited on a lease expiring in January 2021, with a fixed rental increase in January 2016. The location is in close proximity to Indesit’s administrative HQ in Peterborough and provides good access to the East Coast ports.
Upton says: “The A45 corridor has a growing profile from a logistics perspective so we’re very pleased to have acquired a good quality distribution warehouse at a time when stock remains hard to come by due to strong investor demand for the sector. The yield is accretive to the fund’s income profile and provides further investment into the UK’s growing logistics sector.”
M&G Real Estate was represented by Gerald Eve. The vendor was represented by Chesterton Humberts.
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