Morley Property Investment Fund has forward-funded the purchase of a 156,000 sq ft distribution warehouse at Grove Park in Leicester.
The warehouse, being built by Grove Park Commercial, has an end value of £12.5m, in an investment deal that reflects a net yield of 6.5%.
Centrica Plc has pre-let the warehouse on a 15-year lease at £5.50 per sq ft and plan to use it as a national parts distribution centre.
NAI Fuller Peiser advised Morley Property Investment Fund. North Rae Saunders represented Grove Park Commercial.
References: EGi News 20/10/05
