Food manufacturer buys £8m Warwickshire warehouse

Urban REIT has sold the site at Townsend Drive, Nuneaton

Indian snack food manufacturer Cofresh has invested £8.1m in acquiring a site in Warwickshire.

The 130,508 sq ft building at Attleborough Fields Industrial Estate, Nuneaton had previously been vacant.

Real estate investor Urban Logistics had bought the site for £6.7m in September 2017 as part of a portfolio acquisition.

At the same time Urban Logistics has acquired a logistics property in Thatcham, Berkshire, for a total consideration of £3.4m.

Urban Logistics said the acquisition is consistent with its investment strategy of “identifying well located and attractively priced stock with asset management potential”.

Chief executive Richard Moffitt said: “I am extremely pleased with the disposal which has realised a strong return for shareholders.

“The timely re-investment of proceeds and acquisition of this well-located, institutional-grade distribution site let to DHL’s UK Mail offers strong rental growth prospects and asset management opportunities in the future, ensuring the portfolio continues working for shareholders.

“Looking ahead, we remain opportunistically acquisitive, focusing on assets that serve the ‘last mile’ needs of a diverse tenant base, especially those responding to the challenges of e-commerce and supply chain constraints.”

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