Delin Capital makes further €28m of purchases

Delin Capital Asset Management has announced the acquisition of the second and third purchases for its €400 mln Capital Preservation Portfolio I, (CPP I), its inaugural core logistics fund launched in November 2012.

Delin, a Jersey registered real estate investment advisor and asset manager focused on logistics assets in the UK, Belgium and the Netherlands, spent a total of €28 mln in the acquisitions.

DCAM has acquired 4mation, a 172,415 sq. ft. (16,018 m2) prime freehold modern distribution warehouse located on Cabot Park, Bristol, from Standard Life Investments for €15 mln (£12 mln), reflecting a net initial yield of circa 7.75%. The building is currently let to Yankee Candle Company (Europe) on a 15-year lease without break from March 2012.

Cabot Park represents the South-West of England’s key distribution hub and is set to benefit from the Bristol Port Company’s approved plans for a £500 mln deep-sea terminal at Avonmouth which is expected to double the capacity of the docks over the next 10 years.

Colliers International acted for Standard Life and Dowley Turner Real Estate acted for DCAM.

The company has also agreed the forward purchase of a 186,400 sq ft (17,320 m2) distribution warehouse development located in Waalwijk, the Netherlands, which is expected to complete in July 2013. The asset is being acquired from Roozen van Hoppen for €13 mln. The asset is fully pre-let to the McGregor Fashion Group, a pan-European fashion house, on a 15-year lease.

DCAM was advised during the commercial process by NL real estate. CMS Derks Star Busmann acted as legal advisor.

'The acquisition of 4mation represents an attractive entry into the UK market for DCAM and underlines our desire and ability to acquire good-quality, stable, well-let assets located in core UK and European submarkets,' said Christian Jamison, Chief Executive Officer of DCAM.