Global investment firm Exeter Property Group has acquired an industrial asset in Bristol, UK, for £31.4 mln (€37 mln) from BMO Real Estate Partners (BMO REP).
BMO REP sold the 227,000 ft2 (21,000 m2) asset on behalf of a segregated mandate client, at a price reflecting an initial yield of 4.75%.
The centre is let to the Royal Mail Group Limited expiring in February 2032, with a break in around six years, in February 2027.
Matthew Howard, fund manager at BMO REP, commented: 'We are pleased to have completed this sale, which is in accordance with our strategy to diversify out of larger distribution centres into modern logistics facilities.
'Our conviction in the industrial sector remains resolute and we are currently in the process of reinvesting the proceeds into other assets and have made good progress with a number of new purchases in the pipeline.'
The distribution warehouse was built in 1997 on a site which spans an area of 17 acres (6.88 ha) and has a very low site cover of approximately 29%.
The asset serves as one of Royal Mail’s key distribution centres in the South West processing mail covering major conurbations including Bristol, Bath, Taunton and Gloucester, according to BMO REP.