IM Properties completes £9m sale of Magna Park unit
WARWICKSHIRE-based IM Properties has sold a 167,000 sq ft warehouse in neighbouring Leicestershire in deal worth more than £9m.
The sale sees the Local Authorities’ Mutual Investment Trust (LAMIT) take possession of the unit at Magna Park, Lutterworth for £9.188m.
Currently let to DHL, the sale was brokered by Cushman & Wakefield on behalf of IM Properties with Drivers Jonas Deloitte acting for CCLA Investment Management Ltd on behalf of LAMIT. Previous to this, IM Properties oversaw the assignment of the lease from Express Cargo Logistics to DHL shortly after purchasing the property in 2003.
Due to its location within the distribution industry’s ‘Golden Triangle’, between junction 20 of the M1, Junction 1 of the M6 and Junction 1 of the M69, Magna Park is one of the most successful logistics hubs in Europe.
Majority owned by developer Gazeley, the 500-acre site is home to leading distribution occupiers including Asda Walmart, Argos, Costco and TNT.
Tim Wooldridge, managing director for IM Properties, said: “The sale was a strategic decision taken as part of our on-going programme of selectively disposing of assets with short income profiles in order to increase the average weighted unexpired lease terms across our portfolio.
“Magna Park is an extremely popular logistics location and we are delighted to have completed the sale of the property to a buyer whom we have dealt with previously and who consistently performs.”
Having had much previous success in the East Midlands, IM Properties is now actively seeking further investment opportunities within the area. The company is particularly focussed on investment opportunities which offer long term income streams, together with development sites in the logistics sector.
Established in 1987, IM Properties is one of the UK’s largest privately owned property groups with close to £1bn of property owned and under management within the UK, France, Germany and the United States.
