Huge logistics warehouse changes hands for £30m
A 248,000 sq ft warehouse at Midlands Logistics Park in Northamptonshire has changed hands in a multimillion-pound deal.
Specialist real estate investor Arrow Capital Partners has sold the huge property in Corby to Leftfield Advisors for around £30m.
The warehouse, which boasts a BREEAM “Excellent” rating, was pre-let to Smyths Toys in 2021 on a 15-year lease with a 10-year break.
The disposal is the first from Arrow’s Strategic Industrial Real Estate joint venture (SIRE) with Cerberus.
Rob Howe, head of real estate, Europe at Arrow Capital Partners, said: “This sale demonstrates the strong demand for long-leased, well-located warehouse space with excellent sustainability credentials in the UK. We decided to divest having created a stabilised asset and exceeded the business plan. This sale will allow us to recycle capital to take advantage of opportunities that are likely to emerge as valuations and finance rates settle over the coming months.”
Leftfield Advisors CEO Nico Fourie said: “Leftfield remains a conviction buyer within this sector; Businesses are executing on a strategic initiative to shorten and localise supply chains. This is a permanent structural transition that requires decades of committed capital investment. Leftfield’s acquisition is a quality warehouse in a well-selected location and a key contributor to supply chain efficiencies. It is let on an excellent covenant and will enjoy strong rental growth going forward.”
CBRE advised Arrow on the sale with Gerald Eve acting for the buyer.