Charity acquires over 100,000 sq ft of industrial space

Derwent Estates, on behalf of the Albert Gubay Charitable Foundation, has acquired Parallel 113, a new 113,641 sq ft industrial unit in Walsall.

Purchased from St Francis Group in an off-market deal the property was secured for an undisclosed sum.

Jonathan Black, property director at Derwent Estates said: “The acquisition of Parallel 113 is the Charitable Foundation’s first in the West Midlands. The opportunity supports the Charitable Foundation’s investment strategy of diversifying the portfolio, both by sector and geographically, which is predominantly made up of retail warehouse schemes across the North of England. We are delighted to secure this newly built, modern industrial building on a long lease that will ultimately generate income for the Charity and the good causes it supports for years to come.”

Real estate firm, CBRE, advised Derwent Estates on the acquisition.

Oliver Forster, senior director in CBRE’s investment properties team in Birmingham, said: “In a market with very little stock, we’re pleased to have sourced an opportunity matching the client’s investment requirements, and in doing so securing a best-in-class manufacturing and distribution facility in what is one of the first long-let distribution transactions this year.”