Picton acquires Belkin distribution warehouse
Picton, the income focused property investment company, has completed the acquisition of a distribution warehouse in Rushden, Northamptonshire for GBP20 million reflecting a net initial yield of 7.7 per cent.
The unit provides 312,000 sq ft of modern warehouse accommodation on a 14 acre site and is leased until April 2020, to Belkin Limited, a manufacturer of products within the technology sector, producing an annual rent of GBP1.63 million.
Centrally located within the UK’s distribution ‘heartland’, the distribution warehouse has good road connectivity with the A45, providing access to the M1, A14 and A1(M) transport routes.
Following this purchase, Picton has substantially deployed the proceeds identified for new asset purchases from its May fundraising.
Michael Morris, chief executive of Picton Capital, says: “This asset meets our investment criteria and provides a good balance of both yield and longevity of income. The surrounding area is an attractive location for logistics assets and this acquisition is also consistent with our strategy of buying assets where the pricing has a strong correlation with cost of construction.”
- By Category
- News from other sites
- Special Reports
- Partner events