The buyer of a ‘mega box’ warehouse in Newark sold for more than £80m at the end of 2019 has been named.
W. P. Carey Inc, a net lease REIT specialising in corporate sale-leasebacks, build-to-suits and the acquisition of single-tenant net lease properties, snapped up the site in December.
At the time seller LondonMetric announced the deal had been agreed for £80.8m by the buyer has now confirmed it was secured for £85m.
The 726,000 sq ft warehouse is let to Dixons Carphone for a further 14 years and was acquired in 2014 for £68.5m.
Gino Sabatini, head of investments, W. P. Carey, said: “As the competition in Europe continues to increase, our 22-year track record, local expertise and on-the-ground presence continue to differentiate us from other investors and enable us to secure attractive investments with industry-leading tenants.
“We’ve had excellent momentum in Europe over the past few months, which we look to further build upon in 2020.”
Karolis Adlis, director of investments, W. P. Carey, added: “The U.K. logistics market remains an attractive asset class for investors as industry tailwinds support occupier demand for logistics assets, with high-quality, well-located assets continuing to command strong investor appetite.
“As such, we’re thrilled to have executed this off-market deal, which adds another Class-A logistics asset to our growing European portfolio and completes our second off-market transaction in the U.K. in just a few weeks.”
Valentine T. Beresford, investment director, LondonMetric, said: “W. P. Carey was a great partner to work with on this transaction.
“They were immediately able to understand our objectives and completed their acquisition process within the envisaged timeframe.”
