Slate Asset Management has entered into an agreement to acquire the Morrisons Regional Distribution Centre in Bridgwater, United Kingdom from Aviva Investors. The Center is a high-quality, 72,464m2 distribution facility that is fully leased by Morrisons, a leading UK grocer, on an index-linked and triple-net basis.
The Center is Morrisons’ only distribution facility in the Southwest UK and is strategically located on the most important motorway axis in the region with excellent transport connections to South England and South Wales. The Center is essential to Morrisons’ supply chain, operating 24 hours a day, seven days a week to serve nearly 20% of Morrisons’ supermarket locations.
The Center benefits from strong ESG credentials, with over 4,000 rooftop solar panels, rainwater harvesting systems, and on-site recycling. Morrisons also continues to actively invest in upgrades and technologies that are further improving the sustainability and operational resiliency of the Center.
“This property meets all the key criteria we look for in income-generating essential real estate investments,” said Brady Welch, Co-Founding Partner at Slate. “It’s a modern, sustainably built facility underpinned by a leading national grocer. The property’s strategic location makes it uniquely well-positioned to efficiently distribute everyday goods to millions of consumers. It’s an exciting acquisition for us in the UK, where we continue to actively evaluate opportunities across the essential real estate sector.”
Cushman & Wakefield, Gowling WLG, and KPMG advised Slate on this transaction, which is expected to close in December 2024 subject to customary closing conditions.
Image source - Pexels.
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