Legal & General Property (LGP) has completed the acquisition of a Waitrose regional distribution warehouse at Matrix Park in Chorley, UK from BA Pension Fund.
Legal & General Property (LGP) has completed the acquisition of a Waitrose regional distribution warehouse at Matrix Park in Chorley, UK from BA Pension Fund.
The property was acquired for LGP's annuity fund for £50.8 mln (€70 mln), representing a net initial yield of 4.18%.
The asset comprises a 422,000 sq ft (39,200 m2) cross-docked warehouse and is held freehold. It is let to UK food retail giant Waitrose on a rent linked to RPI for a term of 30 years from April 2012.
Located in the North West Distribution Park, the property was purpose-built for Waitrose in 2012 and is designed to service all of Waitrose’s store operations in the North of England and Scotland. As such it currently serves 57 stores but has been designed to cater for up to 100.
'This is the second acquisition of a strategically important distribution asset let to UK’s premier retailer in the last 12 months and follows the purchase of Waitrose RDC at Magna Park in Milton Keynes,' said Adam Kerr of LGP.
Morgan Williams advised Legal & General Property on the deal, while DTRE acted for BA Pension Fund.