Global property group Goodman has completed the sale of two distribution warehouses at Brackmills Industrial Estate in Northampton, UK to clients of BNP Paribas REIM for £28 mln (EUR 31 mln).

Global property group Goodman has completed the sale of two distribution warehouses at Brackmills Industrial Estate in Northampton, UK to clients of BNP Paribas REIM for £28 mln (EUR 31 mln).

Goodman carried out the sale on behalf of its Arlington Business Park Partnership (ABPP) property fund.

The high specification properties total 37,000-m2 and benefit from significant capital investment by the current occupier Panasonic UK. Both units are currently let on FRI terms to Panasonic UK for an average unexpired term of 6.4 years, with a total current rent passing of £2.4 mln per annum.

Jim Johnston, managing director of Goodman UK Business Parks which manages the ABPP property fund, commented: 'This is a strategic transaction that reflects our active management of the properties in our portfolio, as we seek to create value and enhance returns for our investors. The buildings were identified for sale in order to take advantage of significantly improved pricing within the logistics sector, and as part of a general rebalancing of the portfolio'.

Strutt and Parker represented Goodman, while BNP Paribas Real Estate represented the Purchaser.

ABPP is a UK business park fund created in 2003 by Arlington Securities Limited and investment partner Legal and General (L&G). At end-December 2008, Arlington Business Parks Partnership had total assets under management of over £1.5 bn with 89% investment properties, and 11% development land and work in progress. The fund consists of 23 business parks located in key regional office markets in the UK.