Investec buys Bunzl warehouse for £10.8m
INVESTEC Property has bought a distribution facility at Agecroft in Salford occupied by industrial products firm Bunzl for £10.8m, according to PropertyWeek.com.
The 221,517 sq ft property, part of the Agecroft Commerce Park, has been bought from Aegon UK Property Trust at a net initial yield of 9%.
The property is the national distribution centre for Bunzl Retail and is leased to Bunzl Retail & Healthcare Supplies on a lease expiring in 2027 and with a break clause in 2017. It is guaranteed by FTSE 100 company Bunzl plc.
Crispin Gandy of direct property investment transactions at Investec Property said: “This is an attractive deal for Investec as it offers the potential to add value to a prime asset, whilst being underpinned by sound occupational fundamentals.
“We expect 2012 to be an interesting year for further acquisitions as markets continue to adjust to the economic uncertainty.”
Knight Frank acted for Investec and Jones Lang LaSalle advised the Aegon UK Property Trust.
