Moorfield disposes of 385,000 sq ft distribution warehouse in Huddersfield for GBP29 million
Moorfield, a leading UK real estate private equity fund manager, announces that it has sold a logistics unit in Huddersfield, West Yorkshire, to WP Carey Inc, for GBP29 million, on behalf of Moorfield Real Estate Fund III (MREFIII).
The 385,000 sq ft freehold property is let in its entirety to Poundstretcher Ltd following a 25-year lease re-gear in December 2017. The building was subsequently sub-let to Buy It Direct Ltd in 2019, one of the largest online retailers in the UK, on a 10 year sub-lease. The asset was acquired by Moorfield in April 2017 alongside another logistics unit in Huddersfield.
The disposal of the national distribution facility is the final logistics investment to be sold from MREFIII. A portfolio of five assets were sold together in May 2018 for GBP42.5 million to an institutional investor.
Charles Ferguson-Davie, Chief Investment Officer at Moorfield Group, says: “We established the Moorfield Logistics Partnership within MREFIII to target logistics units with lot sizes of GBP5-20 million and with short to medium term lease lengths. This was the last remaining logistics asset in MREFIII and the sale has realised another successful investment in the logistics sector for Moorfield.
“We are currently looking to invest in new logistics opportunities on behalf of Moorfield Real Estate Fund IV (MREFIV) in order to create a new Moorfield Logistics Partnership portfolio. So far we have acquired four units, comprising c700,000 sq ft, with a desire to do more in 2020.”
MLP was represented by Savills and the purchaser by Avison Young.