BT’s National Distribution Center has been sold to SWIPPT c/o Aberdeen Asset Management PLC at a price of £45.414 million (€57 million), a price which represents a net initial yield of 5.10%.
Located within the ‘golden triangle’, Magna Park in Lutterworth, Leicestershire, is regarded as the UK’s premier logistics hub and is home to a host of national and international occupiers.
The property totals in excess of 432,000 ft² (approx. 40.134 m²) and is let to BT on a lease expiring in April 2031, with the rent subject to fixed monthly rental uplifts until 2026.
Formerly owned by a company within the Tchenguiz Discretionary Trust, the asset was placed under the control of Joint Receivers Helen Green and Kelvin Hudson of Saffery Champness, who appointed DTZ to run the sales process.
Jeremy Beckett, senior director at DTZ, commented: “There was significant investor demand for this prime asset due to the quality of the underlying real estate and location, along with the long secure income stream from BT and fixed monthly rental uplifts. This deal is another example of the strength of confidence investors have in the UK’s commercial property investment markets.”