Charity fund manager CCLA has bought a DHL distribution warehouse in Magna Park Lutterworth, from Picton Property Income.
Picton has sold the warehouse, Unit 3220, for £15.9m. The price reflected a net initial yield of 5.8%.
The 159,956 sq ft shed is fully let to DHL Supply Chain until 2024, with a tenant break option in 2022. It generates a passing rent of £980,699 per annum.
Magna Park, in Leicestershire, is within the so-called ‘golden triangle’ for logistics and has 24 occupiers including Lidl, Asda, Renault and Eddie Stobart.
Michael Kershaw, director of industrial and logistics investment at Colliers International, which advised Picton, said: “The disposal of the unit at Magna Park is the result of a successful programme of asset management by Picton.
“Well located and with a strong covenant there was high demand for the asset, as appetite from investors for distribution warehouses continues unabated.”
Joiner Cummins represented CCLA.
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