Amazon closes in on €400m deal with South Koreans

Online retail giant Amazon is close to selling a portfolio of three of its cutting edge, multi-storey warehouses for around €400m (£350.4m).

Korea Investment Corporation is in exclusive talks to buy the assets, which total more than 5m sq ft.

The Project Neptune process, run by Amazon’s adviser CBRE, includes the sale-and-leaseback of centres in Avonmouth, near Bristol, Barcelona and Paris. The price agreed is thought to reflect a yield of around 3.8% for the Paris and Barcelona assets and 4.25% for the Avonmouth asset.

The 1.3m sq ft triple-storey facility at Central Park in Avonmouth