La canadese BMO REP investe in logistica in UK

London, 25 March 2021  – BMO Real Estate Partners (BMO REP), part of Canada’s BMO Financial Group^], announces that it has committed, on behalf of a UK segregated mandate client, to the acquisition of three modern logistics assets totalling c.237,000 sq ft for £32.9 million. Following the sale of the Royal Mail distribution centre in Bristol, the transactions form part of BMO REP’s strategy for its client to diversify out of larger and older distribution centres into modern and strategically located logistics facilities in areas of strong demand across the UK.

The first transaction is a £11.6 million, net initial yield 4.5%, forward commitment for an 80,000 sq ft logistics warehouse on the Futura Park commercial district in Ipswich. The asset is located to the east of the town centre with easy access to Felixstowe and the national motorway network. The property is pre-let to Hubbard Products Limited (guaranteed by Daikin Europe NV), a leading air conditioning manufacturer, on a 20-year lease. The freehold asset is due for completion in April 2021.

The second transaction represents a £11 million, net initial yield 4.6%, forward commitment for a 56,800 sq ft logistics warehouse in Aston within the Advanced Manufacturing Hub, which is 2.5 miles north of Birmingham city centre. The freehold asset is being built to a high specification and will comprise 40,000 sq ft of warehouse space and 16,800 sq ft of office space across three floors. The asset, which is due for completion in July 2021, is fully pre-let to Truflo Marine Limited (guaranteed by IMI plc), a global engineering business, on a 15-year lease with a break at 10 years.

The third transaction is the £10.3 million, 5.4% net initial yield, acquisition of an up and built modern mid-box industrial warehouse estate, known as Teltron Point, comprising three units totalling 99,867 sq ft. The units are let to three separate tenants on an average WAULT of 10.9 years. The asset sits within a modern business park located to the west of Swadlincote town centre, located within the ‘golden triangle’ in South Derbyshire, benefiting from good access to a strong transport infrastructure network.

Source :  Company