US REIT WP Carey has bought a Dixons Carphone logistics facility in the East Midlands from LondonMetric Property, for £85m.
The 726,000 sq ft location is part of Dixons’ largest and most critical distribution platform in the UK, primarily supporting its e-commerce business.
It is triple-net leased for a period of 13.5 years, with fixed rent increases.
Gino Sabatini, head of investments at WP Carey, said the company has had “excellent momentum in Europe over the past few months, which we look to further build upon in 2020”.
Karolis Adlis, director of investments at W P Carey, said: “The UK 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.”
The news comes days after WP Carey acquired a Huddersfield distribution centre from Moorfield, which is let to former occupier Poundstretcher.
LondonMetric has been selling some of its larger properties in areas where it anticipates income growth will be more muted, in favour of further investment in urban logistics.
Sales last month have also included two distribution centres in Doncaster, respectively let to Next and DFS, and a regional warehouse in Rotherham, let to the Royal Mail.
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