The British Land/Rosemound joint venture at Daventry International Rail Freight Terminal (DIRFT) in Northamptonshire has confirmed the sale of a prelet distribution unit to Sun Life Unit Assurance as tipped by EGi News on 18th April 2005.
The pension fund entered a forward commitment to purchase the 300,000 sq ft shed in April, which matured when the building completed in May.
The purchase price was £23.5m, representing a yield of 6.65%.
Exel, servicing a Mothercare unit, occupies the unit on a 10-year lease signed in November last year at around £5.20 per sq ft.
Nigel Webb, Head of Developments at British Land, said : “Since acquiring the site in March 2004, British Land/ Rosemound has prelet over 1m sq ft at DIRFT.”
Sun Life was advised by AXA REIM UK Limited and Strutt and Parker.
The British Land/Rosemound joint venture was advised by M3.
References: EGi News 09/06/05
