AEW Europe and Tristan Capital Partners have confirmed that a subsidiary of European Property Investors Special Opportunities (EPISO), an opportunistic property fund they co-advise, has sold five logistics assets located in Rugby and southwest London to London & Stamford Property Plc for £123 mln (EUR 144 mln).
AEW Europe and Tristan Capital Partners have confirmed that a subsidiary of European Property Investors Special Opportunities (EPISO), an opportunistic property fund they co-advise, has sold five logistics assets located in Rugby and southwest London to London & Stamford Property Plc for £123 mln (EUR 144 mln).
The assets, purchased for approximately £97 mln, comprise nearly 93,000 m2 of distribution units and are located both in Rugby and in prime logistics locations in and around London's Heathrow airport. The units are currently fully let to a variety of tenants, including Pearson, Royal Mail, Ceva Freight, the Metropolitan Police and Kuehne and Nagel representing a weighted average lease length of 11.91 years.
Ric Lewis, CEO of Tristan Capital Partners, the EPISO fund portfolio manager and adviser said: 'At the height of the recent downturn, we took advantage of our strong equity to make key acquisitions for the Fund. We intended to hold these assets in the Fund for quite some time but the financial advantages to the Fund of agreeing this sale were too compelling.'
Merrick Marshall, Executive Director at AEW Europe added: 'The subsequent correction in the market has allowed us to conclude an opportunistic sale which realises our asset management objectives well ahead of our intended timeline for these assets.'
King Sturge acted on EPISO's behalf for the sale.