CBRE Global Investors has bought a distribution unit in West Thurrock from Westbrook for £7.9m – a net initial yield of 7.7%.
The 112,684 sq ft shed is let to DHL and Restore at a total rent of £643,305 annually.
The leases are on an average weighted unexpired term of six years.
Strutt & Parker advised CBRE. Jones Lang LaSalle represented Westbrook.
Strutt & Parker head of industrial James Fairweather said: “CBRE Global Investors is keen to secure well-positioned South East distribution investments and this property, let to two strong covenants, is ideally suited to their requirement, especially in an increasingly competitive market for this profile of investment.”
