The British Land/Rosemound joint venture at DIRFT, Daventry, has completed the sale of a 300,000 ft² pre-let freehold distribution warehouse to Sun Life Unit Assurance Limited.
The pre-let was signed in November 2004 with Exel for a term of 10 years and construction commenced in the same month. A forward commitment to purchase was entered into with Sun Life in April 2005 and was completed at practical completion of the development in May 2005. This profitable sale at £23.5m reflects an initial yield of 6.65%.
Nigel Webb, Head of Developments at British Land said, "Since acquiring the site in March 2004 BL Rosemound has pre-let over 1m sq ft at DIRFT, endorsing its leading location for distribution warehousing. This profitable first phase has been completed on time and within budget."
Sun Life was advised by AXA REIM UK Limited and Strutt and Parker. The BL Rosemound joint venture was advised by M3.
Source: British Land