Moorfield, acting on behalf of Moorfield Real Estate Fund III (MREFIII), has sold a logistics unit in Huddersfield, West Yorkshire, to W.P. Carey Inc, for €34m (£29m). The 385,000ft² freehold property is let in its entirety to Poundstretcher following a 25-year lease re-gear in December 2017. The building was subsequently sub-let to Buy It Direct Ltd in 2019, one of the largest online retailers in the UK, on a 10 year sub-lease. The asset was acquired by Moorfield in April 2017 alongside another logistics unit in Huddersfield.
Charles Ferguson-Davie, Chief Investment Officer at Moorfield Group, commented: “We established the Moorfield Logistics Partnership within MREFIII to target logistics units with lot sizes of €5.8-23.4m (£5-20m) and with short to medium term lease lengths. This was the last remaining logistics asset in MREFIII and the sale has realised another successful investment in the logistics sector for Moorfield. We are currently looking to invest in new logistics opportunities on behalf of Moorfield Real Estate Fund IV (MREFIV) in order to create a new Moorfield Logistics Partnership portfolio. So far we have acquired four units, comprising c.700,000ft², with a desire to do more in 2020.”