DTZ pays €162m for U.K. logistics park
DTZ Investor has paid £140.4 million (£140.4 million (€162 million/$171 million) for Coventry Logistics Park, Coventry, United Kingdom.
Coventry Logistics Park comprises three newly constructed logistics units with 784,989 square feet on a site extending to 43 acres. The property is fully let to three tenants — DHL, Geodis and Viad.
“Coventry Logistics Park is a high-quality, multi-let logistics asset that is well aligned to the fund’s investment strategy,” said Tom Royston, director at DTZ Investors. The property benefits from an excellent specification and is market leading in terms of its sustainability credentials. The low average passing rent, in conjunction with reversionary potential and the attractive rent review mechanisms, results in the asset forecast to deliver an attractive risk-adjusted return.
Coventry Logistics Park is located northeast of Coventry city center, a core logistics location within the context of the Golden Triangle. The s