Property investor makes £66m double Midlands swoop
BMO Commercial Property Trust has bought two Midlands warehouse buildings in a deal worth £66m.
The investor has swooped for Orion One and Two, Markham Vale, Derbyshire for £44.5m. The two newly-built units were completed in April 2021 and are located within Derbyshire’s 200-acre flagship redevelopment scheme adjoining junction 29A of the M1 Motorway. Orion One extends to 224,424sq ft and is let to The National Lighting Company. Orion Two comprises a smaller unit of 75,958 sq ft and is let to Smurfit Kappa UK.
The second acquisition, weighing in at £21.5m, is Unit 4, Quintus Business Park, Burton-Upon-Trent which is structured as a forward funding to develop a new logistics warehouse of 171,550 sq ft. The property has been pre-let to Werner UK Sales & Distribution.
Richard Kirby, director, BMO Real Estate Partners, said: “The acquisition of these two assets accords with the re-cycling of capital to increase BCPT’s exposure to prime, modern industrial and logistics assets in established locations with the added benefit of increasing BCPT’s tenant roster with leases linked to RPI and assets achieving strong underlying ESG credentials. The commitment to the developments at Colchester and Liverpool demonstrates further evidence of the value embedded within the existing portfolio.”