Warehouse in £5.75m deal

A DISTRIBUTION warehouse which is used to store confidential files and records for local companies, has been sold for £5.75m.
By The Newsroom
Published 4th Feb 2010, 13:07 BST
Updated 4th Feb 2010, 13:07 BST

The 70,639 sq ft centre on Premier Park, in Oulton, Leeds, which is let to data management firm Iron Mountain Europe, was sold by Harbert Management Corporation to Aviva Investors Pensions.

The price reflected a net initial yield of 6.6 per cent.

John Adcock, director of industrial investment at CB Richard Ellis who advised Harbert Management Corporation, said: "The 'bond style' income this property offered drew considerable interest from both institutional and private investors currently seeking a defensive investment opportunity.

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"Fixed rental increases and a 20-year unexpired term mean the property's exposure to the occupational market is limited and therefore proved highly attractive to a range of potential purchasers."

Robert Walton, Aviva Investors' head of UK institutional funds – real estate, added: "This asset is a prime property and we are pleased to have acquired it on behalf of Aviva Investors Pooled fund."

Aviva Investors Pensions Limited was advised by Jones Lang LaSalle.

Related topics:Leeds