Legal & General (L&G) has confirmed its purchase of Gazeley and Metropolitan Life Insurance’s ‘Turbine’ unit at G.Park in Bedford for £43.6m. The deal reflects a yield of 5.62%.
The 450,000 sq ft property – which is one of the first “EcoTemplate” warehouses to be constructed by Gazeley – is let to Woolworths on a 25-year lease at a rent of £2.6m pa.
It is situated in Marsh Leys, south of Bedford and close to J13 of the M1.
Trevor Nelson, Associate Director of Legal & General Property, said: “We are delighted to be able to purchase this unit as we believe it is a first class investment with an excellent long term covenant.
“However it is particularly pleasing to be able to also make an investment in a property which has been designed and built to the latest environmental and socially responsible standards.”
AtisReal acted for Legal & General. Gazeley and MetLife were represented by Burbage Realty.
References: EGi News 05/07/05
