BentallGreenOak has exchanged contracts to acquire a portfolio of 7 well- located, high-quality logistics assets from funds managed by Morgan Stanley Real Estate Investing. The portfolio totals 2,180,000 sq ft of space which is currently 81% let to market leading tenants such as Sainsburys, British Gas, DSV and Clipper on core logistics parks including Magna Park, Lutterworth, D.I.R.F.T, Hams Hall and Warth Park. The purchase price reflects a stabilised yield of more than 5.25% and the transaction is expected to complete in March.
The acquisition continues BentallGreenOak’s strategy of acquiring or developing the highest quality logistics assets in core, proven locations that will benefit from the continued growth in occupational demand, fuelled but further ecommerce activity.
Morgan Stanley Real Estate Investing was advised by CBRE and BCLP, BentallGreenOak by JLL and Taylor Wessing.