Logistics sites change hands in £94m deal

A portfolio of five prime distribution buildings in Wakefield, Bardon in north Leicestershire, and Southampton, has changed hands for £94m.

Mountpark Logistics EU sold the sites, totalling 666,484 sq ft, to M&G Real Estate.

The units are fully let with an average unexpired lease term of 15.25 years.

Mountpark Wakefield is situated on Yorkshire’s Premier Logistics Park and is the first new logistics/industrial building of its kind and size in the region since 2008, situated close to junction 31 of the M62.

Mountpark Bardon, near junction 21 of the M1, is a prime Midlands distribution/logistics park extending to 145 acres.

The first phase of Mountpark Bardon includes three buildings totalling more than 1.4 million sq ft, including the pre-let of a 1.06 million sq ft fulfilment centre for Amazon.

A second phase of development is consented with flexibility to accommodate a range of unit sizes from 200,000 sq ft up to 1.3 million sq ft.

Located close to Southampton Airport and the M27, the third site is billed as the South Coast’s premier industrial/logistics development.

It comprises seven units totalling 554,480 sq ft. Phase 1 is now complete and fully let, with the remaining four units of 341,040 sq ft scheduled for completion in October.

Mountpark UK managing director Philip O’Callaghan said: “Mountpark has developed and let all five properties over the last three years and we are pleased that they have attracted so much interest.”

M&G Real Estate head of UK commercial & capital solutions, Martin Towns, added: “Investor demand for UK logistics assets remains robust, propelled by above average occupier demand, low vacancy levels and limited levels of new development, so we don’t anticipate competition for assets moderating any time soon.

“With the support of our specialist sector teams, we look forward to helping existing and future clients around the world to secure direct real estate exposure to support their financial objectives.”

With offices in London, Paris, Luxembourg, Madrid, Barcelona, Poland, Czech Republic and Slovakia, Mountpark has amassed 17 sites since its formation in 2014.

It is also developing logistics space at its Warrington Omega site adjacent to the M62.

Lewis Ellis advised London-based M&G. DTRE and CBRE acted on behalf of Mountpark.

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