Global real estate investment firm Slate Asset Management has purchased a fully-leased distribution centre in Bridgwater, UK, from Aviva Investors, for an undisclosed price.
The 72,464 m2 facility is occupied by the major UK grocery chain Morrisons under a long-term, inflation-protected lease.
This strategically located Bridgwater distribution center serves almost 20% of Morrisons' stores. It is the company’s sole Southwest England facility, enjoying prime motorway access and excellent transport links to southern England and Wales, operating around the clock to support their supply chain.
The distribution centre boasts strong ESG features, including solar panels, rainwater harvesting, and on-site recycling. Moreover, Morrisons is committed to ongoing upgrades and technological improvements to enhance its sustainability and operational efficiency.
Brady Welch, co-founding partner at Slate, commented: ‘This property meets all the key criteria we look for in income-generating essential real estate investments. It’s a modern, sustainably built facility underpinned by a leading national grocer. The property’s strategic location makes it uniquely well positioned to efficiently distribute everyday goods to millions of consumers. It’s an exciting acquisition for us in the UK, where we continue to actively evaluate opportunities across the essential real estate sector.’
To date, Slate has invested in roughly 1,000 properties across seven countries, including grocery stores, pharmacies, and logistics facilities.
The acquisition, expected to close in December 2024, subject to standard closing conditions, saw Slate advised by Cushman & Wakefield, Gowling WLG, and KPMG.
