CBRE Investment Management (CBRE IM) has acquired a 617,393 sq ft (57,320 m2) industrial distribution unit let to John Lewis & Partners in Fenny Lock, Milton Keynes, from Tesco Distribution. Financial details were kept confidential.
Initially developed by Tesco in 1998, the asset is currently being refurbished by John Lewis for their occupation. With an EPC rating of C, CBRE Investment Management will work with John Lewis to improve the ESG credentials of the asset.
Richard Dean, head of UK Transactions and Real Estate Execution at CBRE Investment Management, said: ‘This transaction represented a rare opportunity to acquire an asset that is both income-producing and one that also offers future potential for upside through refurbishment and extension. Through our business plan we will also be able to elevate the assets ESG credentials in line with our strategic objectives. Milton Keynes is an attractive market for us, offering strong transport links and a central location that makes it highly appealing to occupiers.’
CBRE Investment Management was advised by Chris Freer-Smith and Morgan Williams acted for Tesco.
