The national insurer for UK farmers has acquired two warehouses from the Logistics Property Partnership (LPP), a joint venture between Segro and Moorfield Group.
The national insurer for UK farmers has acquired two warehouses from the Logistics Property Partnership (LPP), a joint venture between Segro and Moorfield Group.
The NFU Mutual Insurance Society paid £34.45 mln (€42 mln), representing a net initial yield of 5.34%, for the assets in Avonmouth, a port in Bristol. LPP was represented by Doherty Baines and CBRE. Knight Frank acted for NFU Mutual.
The two warehouses, built in 2007 and totalling 30,333 m2, are let to GKN Aerospace until 2036.
LPP was formed in 2011 and comprises a portfolio of 14 logistics warehouse units totalling 404,100 m2. Following this sale there are now 12 warehouses situated on or near main arterial roads in established distribution areas across the UK, which are leased to companies such as Booker, Excel UK, Royal Mail, Sainsbury's and Tesco.
