The M&G Property Portfolio has purchased Heritage House, a distribution warehouse in northern London, for £22.1mln (EUR 27.4 mln). The deal reflects a net initial yield of 6.95%.
The M&G Property Portfolio has purchased Heritage House, a distribution warehouse in northern London, for £22.1mln (EUR 27.4 mln). The deal reflects a net initial yield of 6.95%.
The fund is managed by Prupim, the real estate fund management arm of M&G Investments.
Heritage House is a prime distribution warehouse covering 20,000 m2 with ancillary offices adjacent to retail warehousing within an established commercial location. It is let to two tenants, Asda Stores Ltd and Crown Records Management Ltd. The leases have an average unexpired term of 5.4 years to break and 12.9 years to expiry.
Gerald Eve LLP represented Prupim. The vendor was advised by Jones Lang LaSalle.
