A consortium of South Korean institutional investors has acquired the freehold of a processing and warehousing facility, dubbed Accolade Park, near Bristol, for £62 mln (€74 mln).
Investors CSUK1 Holdings Limited and CSUK1 Investments Limited secured a £31m (€37 mln) loan for the deal from PGIM Real Estate Finance. The investment volume reflected a net initial yield of 6.5%.
The vendor was global geotechnical contractor Keller Group.
'There was strong investor interest for the asset, which is a testament to Accolade’s award-winning operation, their investment in the facility, security of income and Bristol’s status as a strategic location for logistics and its employment base,' commented Nick Allan, investment partner at Cushman & Wakefield, which represented Keller.
Keller had acquired the property in May 2016 as part of a settlement agreement in connection with a contract dispute. The asset is let to Accolade Wines until 2034 at an annual rent of just over £4 mln. Roebuck Asset Management has been appointed as asset manager.
Keller said that most of the proceeds from the sale would be used to repay the £48 mln (€57 mln) bank facility raised for the original acquisition of the property.
Cushman & Wakefield acted for the vendor, while Samil PwC acted for the purchasers.
SEA Capital advised the purchasers on the senior debt.
