BlackRock Real Assets acquires Sainsbury’s warehouse in U.K. for €104m

A fund managed by BlackRock Real Assets have acquired a Sainsbury’s distribution warehouse in Bedford, England, from Legal & General for £90.5 million (€103.97 million/$125.93 million).

The 462,746-square-foot unit is leased to Sainsbury’s, with an unexpired lease term of 15 years with five-yearly RPI-linked uplifts subject to a floor of 2 percent and cap of 4 percent per year.

Claire Cierpka, assistant portfolio manager at BlackRock Real Assets, said, “The transaction is underpinned by strong fundamentals, being a well-located, high-quality asset in an attractive and resilient sector. The property meets our strategy given the long-dated and explicit inflation linked income it provides, secured against a strong covenant. We remain active in continuing to acquire logistics opportunities.”