UBS Asset Management (UBS-AM) Real Estate & Private Markets (REPM) has bought a last-mile distribution facility in Belfast, Northern Ireland for £27m (€29m).

The manager said the asset, which has been leased to online retailer Amazon, was acquired from Titanic Quarter.

The property is spread across 9.5 acres, the site comprises 83,915sqft of purpose-built modern warehouse space, along with office and extensive parking facilities, including a multi-storey capacity for 480 distribution vehicles alongside 80 car parking spaces.

Gijsbert van Riemsdijk, head of transactions Europe ex CH at UBS-AM Real Estate & Private Markets, said: “The continued acceleration of the global e-commerce market, the property’s exceptional covenant and the robust performance of the Northern Irish industrial sector provided us with confidence in the strength of this acquisition.

“This strategically-located, prime logistics property offers highly defensive characteristics and visible, long-term income streams that align with the returns target of our clients.”

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