CB Richard Ellis Realty Trust, through its UK JV with the Goodman Group, has acquired a 146,491 ft² (approx. 13,000 m²) class-A warehouse/distribution center located in Rugby.
The property was developed in 2000 and is fully leased until 2016 to a subsidiary of one of the world's leading suppliers of logistics services, which operates the facility on behalf of a national health services organization.
The property is located in the 'Golden Triangle' distribution region of the West Midlands, which has good access to the M1 and M6 motorways and is within a four-hour drive of the majority of Great Britain, making it an attractive location for a logistics center.
With this acquisition, CB Richard Ellis Realty Trust has now invested in seven properties in the UK and has further diversified its portfolio outside of the United States.
"This acquisition strengthens our relationship with our UK joint venture partner and expands our holdings in the region. Property in the UK continues to offer certain attractive investment alternatives, and the industrial sector still offers reasonable values," said Philip L. Kianka, Executive Vice President and COO of CB Richard Ellis Realty Trust.
"We are pleased to be working with our new tenant, who is actively involved in enhancing the property with a new mezzanine, sprinkler system and additional parking."
To acquire this property, the CB Richard Ellis Realty Trust team worked with CBRE Global Investors' UK office.
Source: Citigate Dewe Rogerson