Aviva Investors has acquired a B&Q Warehouse in Coventry from Clearbell Capital for £20m in an off-market deal.
The 102,380 sq ft property includes a garden centre and builders yard. The passing rent is £1.5m per year and the sale reflected a net initial yield of nearly 7.5%.
Philip Nell, manager of the Aviva Investors Property Trust, said: “With just under eight years left on the lease, the property and tenant specification fits well with the existing portfolio. The fund was also able to benefit from Aviva Investors’ network of contacts to complete the acquisition ‘off market’.
“In the present climate of short supply and strong demand for properties of this nature, we feel this represents a very good outcome for our investors.”
Aviva Investors was represented by Capita Property and Infrastructure. The vendor was represented by CBRE.
sophia.furber@estatesgazette.com
