Investec Property, part of Investec plc, has completed the acquisition of a national distribution facility in Greater Manchester for £10.8 million (approx. 12.5 million).
The 221,517-ft² (approx. 20,500-m²) property is part of Agecroft Commerce Park, a prime manufacturing and distribution center, located 3 miles northwest of Manchester.
The property forms the national distribution center for Bunzl Retail and is currently let to Bunzl Retail & Healthcare Supplies Limited on a lease expiring on March 31, 2027, subject to a break option on March 31, 2017 and at a rent of £975,000 per annum. The lease is guaranteed by Bunzl plc, a FTSE 100 company. The property was built in 2003 and comprises a modern, high specification distribution warehouse.
Crispin Gandy, Investec Property said, "This is an attractive deal for Investec as it offers the potential to add value to a prime asset, whilst being underpinned by sound occupational fundamentals. We expect 2012 to be an interesting year for further acquisitions as markets continue to adjust to the economic uncertainty."
Knight Frank acted for Investec and Jones Lang LaSalle advised the Aegon UK Property Trust.
Source: Citigate Dewe Rogerson