CBRE Global Investors has completed the purchase of the Unilever Distribution Facility in West Thurrock for £18.15 million (approx. €23 million).
This transaction is on behalf of the CBRE UK Property Fund, which invests throughout the UK on behalf of both UK and continental European institutional investors and has a portfolio of €568 million (approx. €716 million).
The 192,236 ft² (approx. 17.837 m²) distribution property is leased to Unilever until Aug 2019, and is located in a prime Distribution location being less than 1 mile from the M25 motorway to the east of London, and also less than 1 mile from one of Unilever’s main European production facilities.
Commenting on the transaction, Matthew McDonald, Fund Manager of UKPF, said: “We are delighted to have completed our first purchase since the merger with the CBRE UK Property Income Fund earlier this year. Having received a number of new subscriptions, and with the benefit of sale proceeds, we have been keen to acquire assets which are well-located within their market and offer attractive levels of income which are likely to be enduring. The Unilever facility meets these criteria, and has great potential for further income growth.”
CBRE Global Investors was advised by MacLaren & Partners LLP.