Henry Boot has sold a 65,000 sq ft warehouse in Wakefield, West Yorkshire for £11.35m.
The price paid by Abrdn for the unit at Wakefield Hub represents a 23% premium to its last reported book value and a yield of 3.27%. The building is let to Kitwave on a 20-year lease.
Wakefield Hub is a 200-acre industrial and logistics joint venture between Henry Boot’s development arm HBD and Yorkcourt. It has capacity for more than 1.5m sq ft of warehouse space.
The Kitwave unit covers four acres of the scheme and was completed to a BREEAM Very Good standard.
Henry Boot chief executive Tim Roberts said: “The high quality of product being delivered by HBD at Wakefield Hub is evidenced through this disposal. The Kitwave warehouse presents a highly attractive investment proposition due to the asset’s quality and specification, its covenant strength, and strategic location.”
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