Moorfield Group (Moorfield) has added 11,427m2 of warehouse space to its urban logistics portfolio with the acquisition of two assets for a combined sum of c. €14m.
In Tinsley, Sheffield, Moorfield has completed a 10-year sale-and-leaseback agreement for a 5,667m2 urban logistics unit with Tinsley Bridge Group. Built in 2015, the asset is located next to a site that is to be redeveloped to create an 18,580m2 grade A logistics unit.
In Northamptonshire’s Wellingborough, which sits within ‘The Golden Triangle’, one of the UK’s most prosperous and economically productive regions, Moorfield has acquired a 6,782m2 facility. The asset is let to Booker Retail Partners - a leading wholesale retailer owned by Tesco Plc - on a long-term lease. Booker Retail Partners has occupied the unit, which is adjacent to its national distribution centre, since 1994.
Chris Perera, Head of Origination at Moorfield Group, comments: “These assets are excellent additions to our growing portfolio of high-quality warehouses. There is scope to make environmental improvements, that should enable value-uplift and help unlock reversionary potential. There is an undersupply of high-quality, mid-sized, and well-located stock, presenting an opportunity for investment. We intend to build another portfolio, strengthening the reputation we have developed in the sector, off the back of two successful previous exits of a similar profile of assets in recent years.”
Image provided by Monfort.