Valor Real Estate Partners has bought a £50m last-mile logistics facility in the UK from NFU Mutual.
The European last mile real estate specialist said the acquisition of the fully-let 50,000sqft facility in Birmingham is part of the firm’s plan to expand its footprint in select regional cities as it looks to double its UK portfolio.
The single-tenant unit is occupied by KitchenCraft.
Jeremy Achkar, vice president of investments at Valor Real Estate Partners, said: “Birmingham and its 3.6m inhabitants is one of our key regional UK conviction calls, reflecting the acute shortage of available space within suitable proximity to the city centre alongside its growing population and focus of the government’s levelling up agenda.
“This transaction is the latest demonstration of our forensic approach to sourcing and originating and offers an attractive mix of strong day one income, with the opportunity to significantly improve the rental tone over the medium term. It represents our second purchase in a city we aim to increase our footprint in significantly over the coming years.”
To read the latest edition of the latest IPE Real Assets magazine click here.
