Legal & General Property (LGP) has completed the acquisition of two distribution warehouse units, totalling 102,000 m2, near the south Yorkshire town of Rotherham in the UK.
Legal & General Property (LGP) has completed the acquisition of two distribution warehouse units, totalling 102,000 m2, near the south Yorkshire town of Rotherham in the UK.
LGP purchased Units 2 & 3 Brookfields Park at Manvers Way from private equity real estate investor Tritax. The investment volume of £87 mln (€101 mln) reflects a net initial yield of 5.5%.
The two units were built in 2007 on an 18.6 hectare site and comprise over 102,000 m2 of warehousing space. They are let on identical FRI leases to Next Group for a term of 25 years from completion of the purchase, with five yearly fixed uplifts.
The purpose built units are responsible for handling the distribution of all men’s and boy’s clothes to the entire network of UK stores, as well as part of the Next Directory online service.
SG Commercial acted for LGP, CBRE advised Next and Tritax.
