Global property group, Goodman, has completed the sale of two distribution warehouses on Gowerton Road at Brackmills Industrial Estate in Northampton, to clients of BNP Paribas REIM for £28 million (approx. 31 mln.) on behalf of its Arlington Business Park Partnership (ABPP) property fund. The high specification properties total 401,800 ft² (37,200 m²) and benefit from significant capital investment by the current occupier Panasonic UK Ltd. Situated in a prominent position on Brackmills, the premier distribution location in Northampton, they benefit from excellent access to the M1 Motorway.
The high specification properties total 37,200 m² in Northampton.
Both units are currently let on FRI terms to Panasonic UK Ltd, for an average unexpired term of 6.4 years, with a total current rent passing of £2,429,280 p.a.
Jim Johnston, Managing Director of Goodman UK Business Parks which manages the ABPP property fund commented: "This is a strategic transaction that reflects our active management of the properties in our portfolio, as we seek to create value and enhance returns for our investors. The buildings were identified for sale in order to take advantage of significantly improved pricing within the logistics sector, and as part of a general rebalancing of the portfolio'.
Strutt and Parker represented Goodman, while BNP Paribas Real Estate represented the Purchaser.
The ABPP is a UK business park fund created in 2003 by Arlington Securities Limited and investment partner Legal and General (L&G). Goodman and L&G manage the fund. ABPP owns and manages a unique portfolio of high quality business parks throughout the UK. It aims to be the pre-eminent collective investment vehicle for UK business parks, with a view to delivering returns to investors that outperform the market.