The assets, not pictured, comprise 92,600 m² of distribution units.
The assets, purchased for approximately £97 million comprise nearly 1,000,000 ft² (92,600 m²) of distribution units. Located both in Rugby, close to junction 1 of the M6 and junction 19 of M1, and in prime logistics locations in and around London’s Heathrow airport, the units are currently fully let to a variety of tenants, including Pearson, Royal Mail, Ceva Freight, The Metropolitan Police and Kuehne and Nagel representing a weighted average lease length of 11.91 years.
Ric Lewis, Chief Executive Officer of Tristan Capital Partners, the EPISO fund portfolio manager and adviser said: "At the height of the recent downturn, we took advantage of our strong equity to make key acquisitions for the Fund. We intended to hold these assets in the Fund for quite some time but the financial advantages to the Fund of agreeing this sale were too compelling!"
Merrick Marshall, Executive Director at AEW Europe added: "The subsequent correction in the market has allowed us to conclude an opportunistic sale which realises our asset management objectives well ahead of our intended timeline for these assets.”
King Sturge acted on EPISO’s behalf for the sale.
Source: Bellier Financial