Keller Group has sold the freehold interest in a wine distribution centre at Accolade Park in Avonmouth, Bristol, to a consortium of South Korean institutional investors for £62m – a yield of 6.5%.
The property was developed in 2008 and comprises a packaging, warehouse, office and distribution facility, totalling872,000 sq ft on a site of 35.63 acres.
It is let to Accolade Wines until 2034 at a passing rent of £4.25m. Accolade Wines uses the facility to import, process, package and distribute wine for the UK market, providing around one in five bottles supplied into the UK market from the property – around 300m bottles a year.
PGIM Real Estate Finance has issued a £31m loan to the consortium of South Korean institutional investors and Roebuck Asset Management has been appointed as the UK asset manager.
Nick Allan, investment partner at Cushman & Wakefield, who acted on the sale, said: “There was strong investor interest for the asset, which is a testament to Accolade’s award-winning operation, its investment in the facility, security of income and Bristol’s status as a strategic location for logistics and its employment base.”
Aaron Knight, director at PGIM, said: “The asset sits in an increasingly important location for logistics/distribution in the UK. As one of PGIM’s favoured asset types globally, we will continue to support attractive opportunities across the core and value-add spectrum, such as Accolade Park.”
Cushman & Wakefield acted for Keller Group; Samil PwC acted for the buyers; SEA Capital advised the buyers on the senior debt.
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