Wednesday, 26 November 2014
Japanese manufacturer establishes European base at Aberdeen and Centurion’s Deeside estate (UK)
The Aberdeen Property Trust (“APT”) and Centurion Properties have leased a prime industrial unit at Deeside Industrial Park East to Calbee Inc, Japan’s largest manufacturer of savoury snacks, for its first investment in Europe.
Calbee’s UK subsidiary, Calbee (UK) Ltd, has signed a 15-year lease on unit 90, which totals 64,340 ft² (5.945 m²). The unit was formerly occupied by Greencore.
APT and Centurion agreed a lease surrender with Greencore in October and then re-let the space to Calbee in competition with three other UK locations.
A spokesperson for Calbee (UK) Ltd, said: “We are delighted to establish our first European factory at Deeside, which proved to be the most attractive of the many locations we looked at. Of paramount importance was Centurion’s ability to work within a demanding timescale and deliver our unit ready to begin production early next year”.
APT and Centurion acquired Deeside Industrial Park East, which is seven miles north west of Chester, from Universities Superannuation Scheme in April this year. The purchase price of £34 million (€42.8) reflected a net initial yield of 8% and a reversionary yield of 9.6%.
The 105-acre estate comprises 49 units, totalling 827,500 ft² (76.830 m²). Centurion has initiated an asset management programme of refurbishment of vacant units, alongside rebranding, marketing and repositioning of the estate.
Letting agents at Deeside Industrial Park East are Savills and Legat Owen.