Exeter Property has invested £30m (€35m) in the UK to buy a Royal Mail distribution centre from BMO Real Estate Partners (BMO REP).

BMO REP said it has sold the 227,000sqft industrial asset in Bristol on behalf of a segregated mandate client.

The distribution warehouse was built in 1997 on a site that spans an area of 17 acres and has a very low site cover of approximately 29%. The asset serves as one of Royal Mail’s key distribution centres in the South West processing mail covering major conurbations including Bristol, Bath, Taunton and Gloucester.

Matthew Howard, fund manager at BMO REP, said: “We are pleased to have completed this sale, which is in accordance with our strategy to diversify out of larger distribution centres into modern logistics facilities.

“Our conviction in the industrial sector remains resolute and we are currently in the process of reinvesting the proceeds into other assets and have made good progress with a number of new purchases in the pipeline.”

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