£15.9m warehouse deal completed in Leicestershire

A huge 160,000 sq ft Leicestershire warehouse has been sold in a multimillion pound deal.

Picton, the UK Real Estate Investment Trust, has offloaded the premises at 3220 Magna Park for £15.9 million.

The property is currently occupied by DHL.

Picton increased the rent by 11 per cent to £1 million per year prior to the sale.

Michael Morris, chief executive at Picton, said: “The disposal crystallises the upside created from this asset management initiative during the summer. The proceeds will be recycled in the short term to repay our revolving credit facilities and provide further funding for planned asset enhancement projects.”

The deal follows an impressive year for Picton, which saw its net assets increase to £519.1 million in the final quarter of 2019.