CBRE Global Investors has completed the purchase of the Unilever Distribution Facility in West Thurrock for £18.2m.
This transaction is on behalf of the CBRE UK Property Fund, the principal pooled fund of CBRE Global Investors UK, which invests throughout the UK on behalf of UK and continental European institutional investors and has a portfolio of £568m.
The 192,236 sq ft distribution property is leased to Unilever until Aug 2019.
The income yield at purchase is 6.8% after allowance for costs.
UKPF fund manager Matthew McDonald said: “We are delighted to have completed our first purchase since the merger with the CBRE UK Property Income Fund earlier this year. Having received a number of new subscriptions, and with the benefit of sale proceeds, we have been keen to acquire assets that are well-located within their market and offer attractive levels of income which are likely to be enduring. The Unilever facility meets these criteria, and has great potential for further income growth.”
CBRE Global Investors was advised by MacLaren & Partners LLP.
chris.berkin@estatesgazette.com
