A fund managed by BlackRock Real Assets has acquired a Sainsbury’s distribution warehouse in Bedford from Legal & General for £90.5m.
The 462,746 sq ft unit is let to Sainsbury’s on an unexpired lease term of 15 years, with five-yearly RPI-linked uplifts subject to a floor of 2% and cap of 4% pa.
Blackrock assistant portfolio manager Claire Cierpka said the transaction was underpinned by strong fundamentals, being a well-located, high quality asset in an attractive and resilient sector.
“The property meets our strategy given the long-dated and explicit inflation linked income it provides, secured against a strong covenant,” said Cierpka. “We remain active in continuing to acquire logistics opportunities.”
BlackRock was advised by DTRE; Gerald Eve acted for Legal & General.
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