Yorkshire industrial unit snapped up in £13m deal

A YORKSHIRE-based Royal Mail distribution warehouse has been bought for £13m.

M&G Real Estate has acquired the 220,000 sq ft unit in Normanton which has been bought for the M&G Property Portfolio, managed by Fiona Rowley and Justin Upton, according to Property Week.

The warehouse sits on a 15.5 acre site on Wakefield Europort adjacent to junction 31 of the M62 motorway. It is let to Royal Mail Group until December 2019.

Upton said: “Acquiring warehouse investments in core distribution locations is becoming increasingly difficult due to strong investor demand for the sector.

“However, with this asset we have continued our strategy to acquire warehouses in core locations, with good property fundamentals, whilst providing suitable returns for our investors. The asset benefits from a low site cover of 33%, resulting in the potential to extend the warehouse by some 60,000 sq ft.”

M&G Real Estate was represented by Joiner Cummings.

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