Ergo Real Estate and NFU Mutual’s UK property investment partnership has acquired a logistics facility at Magna Park, Lutterworth, for £39.8m (€45.7m).

Announcing the deal, Ergo said it has acquired the 464,824sqft cross-docked facility on behalf of the Aver Property joint venture.

The asset, which has an additional six acres of expansion land, is let jointly to Renault UK and Nissan until June 2028.

Ergo, which was set up in January 2019 by Martin Jepson, formed the Aver partnership a month after with insurer NFU to invest £300m in value-add and opportunistic acquisitions.

Ergo said the latest acquisition is the seventh by Aver and increases its committed capital to around £200m.

Jepson said: “This facility is a great addition to our portfolio, giving us exposure to the logistics sector and, therefore, good balance”.