BentallGreenOak has exchanged contracts to acquire a portfolio of seven well-located, high-quality logistics assets in the United Kingdom from funds managed by Morgan Stanley Real Estate Investing. The financial terms were not disclosed; however, the purchase price reflects a stabilized yield of more than 5.25 percent.
The portfolio totals 2,180,000 square feet of space which is currently 81 percent leased 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 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, fueled by further ecommerce activity.
