The BlackRock UK Long Lease Property Fund has bought a 15-acre site at Central Park in Avonmouth, Bristol from DHL.
DHL will develop a 160,000 sq ft cross-docked distribution facility on the site and let it on a 20-year lease.
Geoffrey Shaw, portfolio manager of BlackRock’s UK Long Lease Property Fund said: “We believe this property will provide long-term stable income. The BlackRock UK Long Lease Property Fund seeks to generate long-dated, secure cash flows with inflation-linked or indexed rent review structures, which could make long-lease properties highly attractive to investors with a liability-driven investment strategy.”
Launched in 2013, the BlackRock UK Long Lease Property Fund has a NAV of around £600m and has invested across a wide range of assets from garden centres and pubs to hotels and car parks.
Dowley Turner Real Estate acted for BlackRock; CBRE acted for DHL.
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