1 million sq ft warehouse portfolio changes hands
19 September 2019
Investor Warehouse REIT has bought an eight asset fully-let portfolio of warehouse and distribution assets from Aviva Investors for £70 million.
Producing an annual rent of £5.38 million, the purchase price reflects a net initial yield of just over 7%. An additional deferred payment of up to £5 million is due on or before September 2023.
The portfolio comprises one multi-let and seven single let warehouses providing a total floor area of 995,106 sq m, with individual units ranging from circa 50,000 to 217,000 sq m. The occupiers include Iron Mountain, Direct Wines, the Sytner Group and Amazon.
The warehouses are located close to major UK conurbations and on or near arterial routes: Reading and Gloucester in the South; Coventry, Leicester and Nottingham in the Midlands; Grimsby and the Humber Docks in the North East; and Warrington in the North West.