Moorfield Group has bought a £16.25m distribution warehouse near Crewe from Lagan Developments, on behalf of its Moorfield Real Estate Fund IV (MREFIV).
The 324,000 sq ft warehouse, located in Alsager, is fully let to Swiss sanitary system manufacturer Geberit – its only distribution centre in the UK.
Charles Ferguson-Davie, chief investment officer of Moorfield, said: “We established MREFIV to target investments in build to rent, student accommodation, logistics, mixed-use projects and infrastructure-led opportunities.
“As part of the logistics strategy we are targeting units with short- to medium-term lease lengths. The ambition is to build a portfolio of good quality, well located, institutional grade logistics units where we can use our asset management capabilities and experience to bring further value to each asset. This is the first investment in our industrial strategy for the fund.
“There is a shortage of good quality logistics units and strong demand from occupiers for these properties, which is supporting rental growth and yield compression in the sector. We will be looking to invest in further opportunities in locations with strong supply and demand imbalances.”
Moorfield was represented by King Street Commercial; Lagan Developments was represented by CBRE.
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