AEW Europe has contracted to purchase a state of the art distribution facility known as the Bridge, located in Dartford, Kent, for 68 million on behalf of its value-added fund, European Property Investors Special Opportunities, which was launched in 2008.
The Bridge was developed by ProLogis in 2007. It is close to London and directly adjacent to the southeastern region of the M25. This 62,500 m² property is leased entirely by Sainsbury's for a remaining term of 18.5 years.
Rob Reiskin, Head of Investments for Europe commented, "The combination of limited liquidity and the presence of motivated sellers is creating an interesting dynamic for those with access to capital and strong relationships. In this instance, we were able to buy a prime property at an attractive yield. Importantly, we were also able to secure debt finance on highly competitive terms."
This makes the third investment for the EPISO Fund. The previous two investments, a 140 million investment in a diversified UK retail, office and logistics portfolio and a 145.6 million investment in a diversified greater Paris mixed property portfolio were completed
earlier in Q4 2008.
Source: Bellier Financial