M&G Property Portfolio (M&G) has acquired a distribution warehouse in the UK city of Bristol for £23 mln (€28 mln).
M&G Property Portfolio (M&G) has acquired a distribution warehouse in the UK city of Bristol for £23 mln (€28 mln).
The 25,000 m2 property at Western Approach Distribution Park is currently let to DSG Retail on a fully repairing and insuring basis on a 25-year term. The lease has 18 years left to run.
The purchase price represents a net initial yield of 7.13%. The identity of the seller has not been disclosed.
Commenting on the acquisition M&G investment management director Adam Coulston said: ‘This asset has a very attractive income profile, a low site density and benefits from potential future expansion land.’
‘We continue to have an active requirement for multi-let and distribution investments with lots sizes in excess of £10 mln (€116 mln) and assets with good underlying property fundamentals.’
CBRE represented M&G Property Portfolio and the vendor was advised by Strutt & Parker.
