Investment firm acquires Coventry warehouse
Blue Marble Asset Management has secured a freehold warehouse investment at Prologis Park Coventry for £2.5m.
The acquired property spans 22,700 sq ft and is currently utilised by Capita Business Services as a document storage facility. The existing lease agreement spans five years, commencing from February 2023, with an annual rent set at £175,000.
Sold on behalf of an undisclosed charity, the transaction reflects a net initial yield of 6.5%.
Tim Matthews of Blue Marble Asset Management, said: “This purchase represents one of the most prime industrial assets we have added to our client’s portfolio to date. The location is first class and rental growth in the area is extremely strong providing the prospect of an excellent reversion in future.”
EHB Reeves acted for the Charity vendor and Blue Marble Asset Management and its clients were advised by Fairlie Norbury Real Estate.