Legal & General Property has completed the purchase of the Ptarmigan portfolio of sheds from Henderson UK Property Trust for £41.2m.
The price paid for the portfolio of four warehouses represents a yield of 9.5%.
The sheds, which total 759,000 sq ft, are in Banbury, Birmingham, Manchester and Northampton.
The portfolio is fully let with an average unexpired lease of 5.5 years.
Occupiers include John Lewis, DHL, Aldi Stores and Corporate Express (trading as Staples).
L&G fund manager Matt Jarvis said: “The purchase of this portfolio is closely in line with the fund’s strategy to acquire well-located, high-quality assets, which offer secure income returns and opportunities for active management over the medium term.
“Furthermore, given the shortage of supply in distribution space in the UK, we consider this to be an attractive sector to invest in.”
Deloitte Real Estate advised L&G; CBRE represented the Henderson UK Property Trust.
nick.whitten@estatesgaztte.com
