L’Oreal warehouse changes hands

A 315,000 sq ft Trafford Park warehouse has been acquired by the property investment fund Tritax Big Box in a multi-million pound deal.

The distribution base, built in 2004, is leased to the beauty products group L’Oreal.

It has been acquired along with a distribution centre in Derby for £55.1m. The identity of the vendor was not disclosed.

Tritax said the two purchases represented a net initial yield of 6.53%. JLL represented Tritax, while Strutt & Parker advised the vendor.

Colin Godfrey, a partner at Tritax, said: “We are delighted to have exchanged contracts on these two distribution warehouses which have strong property fundamentals in recognised logistics locations with excellent transport links. The company has now successfully invested or substantially committed all of the net investable funds from its £150m equity fundraising in July 2014 and currently has a portfolio comprising 14 UK Big Box assets in aggregate, including these two new acquisitions.”