Aviva Investors has bought Leicester Distribution Park, spanning more than 713,500 sq ft, for £100m.
The scheme, comprising eight facilities, is fully let and was delivered in three phases between 2017 and 2022 by developer Graftongate and investment manager BlackRock.
As part of the transaction, Aviva has also bought a freehold site directly to the east of the park. It is currently being used as a 220-space car park but has potential for future development.
The acquired distribution hub has strong ESG credentials, with seven of the eight facilities having an EPC A rating and the final warehouse currently under review. All of the warehouses on the site are certified BREEAM Very Good.
The park is also well-connected, being located just 3.5 miles to the east of Leicester city centre and adjacent to the M1 motorway, as well as near to the M6 and A14.
James Stevens, head of real estate investments at Aviva, said: “With proven occupier demand and the reversionary income potential on offer, we expect [the distribution park] to add good long-term value and performance for our clients.”
DTRE advised BlackRock and Graftongate.
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