Aviva Investors Lime Property Fund completes sale-and-lease back deal with Next

Aviva Investors has completed the acquisition of three logistics warehouses in the United Kingdom from Next through its Lime Property Fund for a total commitment of £107 million (€122 million/$133 million).

The three distribution units are located in South Elmsall, between Wakefield and Doncaster, and together total more than 110,000 square meters (tk square feet) of floor space, forming a key part of Next’s national online storage and distribution capability.

As part of the acquisition, Aviva Investors will lease the units back to Next.

Renos Booth, head of real estate long income at Aviva Investors, said, “We are pleased to have acquired these assets and to have agreed on a sale-and-leaseback arrangement with Next, allowing access to a robust portfolio of warehouses, with a high-quality tenant. We believe that the logistics sector will continue to be resilient in the longer-term, as retail firms enhance their distribution capabilities. Our expectation i