海角视频 property investor Ergo Real Estate has bought a prime logistics facility in south Leicestershire for almost £40 million.
The company has bought the 464,824 sq ft complex at Magna Park, Lutterworth, on behalf of Aver Property LP, its joint venture with NFU Mutual.
The facility, which is located on the western side of Magna Park, includes an additional six acres of expansion land.
It is let jointly to Renault 海角视频 and Nissan until June 2028 at a rent of £5.75/sq ft.
There is a tenant break option in June 2023.
Ergo said the £39.75 million price reflected a net initial yield of 6.48 per cent and a capital value of £85.62/sq ft.
The acquisition is the seventh by Aver and increases its committed capital to around £200 million.
Martin Jepson, co-founder of Ergo Real Estate, which he formed with Christopher Cope in January 2019, said: “This facility is a great addition to our portfolio, giving us exposure to the logistics sector and, therefore, good balance.”
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Aver Property was advised by Colliers, while the vendor was advised by Altus Group.
Magna Park has been operating for years on a former airfield site.
Owners Gazeley want to put up four big sheds – including one that is 755,000 sq ft in size – just south of their existing 550 acre warehousing complex.
They would sit within a 220 acre plot of land, called Magna Park South, which has outline planning for 4.5 million sq ft of new warehousing.
Gazeley bought Magna Park South (previously known as Symmetry Park) from developer DB Symmetry a few months ago.
Gazeley already owns the existing Magna Park Central, just off the A4303 near Lutterworth, which is fully developed, and has tenants including Asda, Toyota, BT and Britvic.
And in 2018 Gazeley gained outline planning for a third parcel of land – which it has called Magna Park North – which is also yet to be developed.
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That northern area covers 590 acres, and could include 3 million sq ft of buildings.
When fully developed the three pieces of land will have a total area of 1,360 acres with 15.8 million sq ft of buildings.