F&C REIT Asset Management has exchanged contracts to acquire retail warehouses in Ipswich and Luton, both let to Homebase, for a combined total of £18 mln (almost EUR 20 mln).
F&C REIT Asset Management has exchanged contracts to acquire retail warehouses in Ipswich and Luton, both let to Homebase, for a combined total of £18 mln (almost EUR 20 mln).
The two retail warehousing units, let to the UK's second largest home improvement retailer, amount to a combined 6,889 m2 of space. The retail warehousing unit in Luton, Enterprise Way, was exchanged for £8 mln at a yield of 6.75%. The property consists of 3,749 m2 and includes 251 parking spaces. Homebase has a 10-year lease at £570,000 per annum.
F&C REIT's Felixtowe Road retail warehouse unit in Ipswich was exchanged for £9.9 mln at a yield of 5.82%. The property consists of 3,141 m2 and is adjacent to a large Sainsbury's supermarket. The site has been let to Homebase for a further 12 years at £608,490 per annum.
CWM acted for F&C REIT Asset Management.