LGP lets 13,000 m[sup]2[/sup] warehouse in Tamworth

Legal & General Property (LGP) has announced it has secured Norbert Dentressangle Logistics as a tenant at Centurion Park in Tamworth, UK. The major French transport and logistics company has taken Unit 2 at the park, which comprises 141,770 sq ft (13,000 m2) of accommodation, on a 10-year lease term. The rent of £673,400 (EUR 804,000) per annum equates to £4.75 per sq ft. Full occupation of the unit will take place from 1 October 2010.

The premises are situated on Centurion Way in Tamworth, just off the A5. The unit benefits from excellent access to Junction 10 of the M42, the Midlands and National motorway network, and the M6 Toll Road. Other tenants at the park include NYK Logistics UK and AAH Pharmaceuticals Ltd.

This letting follows the recent announcement that the £728 mln Fund has completed an equity raise to explore further investment opportunities in the sector. Successfully securing a total of £80 million of firm equity commitments from existing investors, these funds will be drawn down over the course of the next 12 months depending on new acquisition opportunities.

Launched in 1997, IPIF was one of the first indirect specialist real estate funds and has become a leader in its sector, having outperformed its benchmark, the IPD Annual Industrial Index, over one, three, five and 10 years. The Fund has returned 3.7% pa over five years and 8.2% pa over 10 years, beating the benchmark by 1.8% pa and 1.4% pa respectively over these periods. It also benefits from a strong secondary market, having been traded throughout the downturn and more recently seeing pricing reach significant premiums to NAV.