Moorfield Group, acting on behalf of Moorfield Real Estate Fund IV (MREFIV), has purchased a €18.36m (£16.25m) distribution warehouse in Alsager, Crewe from Lagan Developments. The 324,000ft² high quality, modern distribution warehouse is fully let to Geberit, a Swiss multinational group specialising in manufacturing and supplying sanitary products, until December 2020. This is Geberit’s only distribution centre in the UK and is located near Crewe, 3 miles from Junction 16 of the M6 motorway, allowing easy access to the UK’s road distribution network.
Commenting on the acquisition on behalf of MREFIV, Charles Ferguson-Davie, Chief Investment Officer, Moorfield, said: “We established MREFIV to target investments in Build to Rent (BTR), student accommodation, logistics, mixed-use projects and infrastructure-led opportunities. As part of the logistics strategy, we are targeting units with short to medium term lease lengths. The ambition is to build a portfolio of good quality, well located, institutional grade logistics units where we can use our asset management capabilities and experience to bring further value to each asset. This is the first investment in our industrial strategy for the fund. There is a shortage of good quality logistics units and strong demand from occupiers for these properties, which is supporting rental growth and yield compression in the sector. We will be looking to invest in further opportunities in locations with strong supply and demand imbalances.”
