Henderson Global Investors, on behalf of its ca. £12.3 billion Property Business has acquired Morley Court, in Peterborough. The ca. 135,000 ft² (approx. 12,500 m²) asset was acquired from Highcross for ca. £4.5 million (approx. 5.6 million) which represents an equivalent yield of 11.5%.
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Morley Court in Peterborough.
The property is a substantially refurbished, mixed-use scheme which has Coca Cola Enterprises Ltd as its principal tenant (42% of income). Other tenants include Transworld E Logistics Ltd, Chiltern Cold Storage and Paintshield Ltd. It is prominently positioned within an established industrial location in out-of-town Peterborough.
Cameron Fraser, Director at Henderson Property, commented: "This presented an excellent opportunity to acquire a well situated asset, with a strong collection of tenants delivering a secure income stream at a very sensible price.
"We believe the asset is well placed to deliver above index returns over the short to medium term with additional alpha available through a number of asset management opportunities with the existing tenants."
GVA advised Henderson on the acquisition. The seller was represented by Strutt and Parker.
Source: Henderson Global Investors
