Clarion Partners Europe has completed the acquisition of a modern warehouse in Coventry, from BlackRock’s UK Property Fund, for €33m.
Located on Middlemarch Business Park, an established Golden Triangle distribution hub, the 19,324m2 single tenant property is leased to a leading online pet supplies and accessories retailer, on a 10-year lease, with over four years remaining.
The BREEAM Very Good certified property is just five kilometres from Coventry city centre and benefits from excellent regional and national infrastructure connectivity, adjacent to Coventry airport and with 85% of the UK’s population accessible within a 4.5-hour HGV drive time via the nearby M6, M69, M45 and M40 junctions.
Matthew Tatlock, Vice President, Clarion Partners Europe, commented: “This is a rare opportunity to acquire a Grade A logistics property with immediate reversionary potential. The West Midlands is one of our high conviction regions, where strong occupier sentiment is underpinning robust future rental growth prospects.”
Rory Buck, Managing Director, Clarion Partners Europe, added: “We are delighted to have completed this transaction as part of our new UK-only logistics fund strategy. With significant capital to deploy into the UK market our focus will remain on acquiring newly developed, sustainable and high-quality logistics assets leased to strong counterparties in locations benefiting from limited supply and upward pressure on rents.”
Clarion Partners Europe was advised by Montagu Evans and Gowling WLG. The seller was advised by Fulwell Capital and CMS.
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