Blackstone is poised to buy a major logistics hub at the Daventry International Rail Freight Terminal in Northamptonshire.
The US private equity fund is in talks to buy the 450,000 sq ft Eddie Stobart hub at Plot F6 for circa £35m – which equates to a net initial yield of around 8.25%.
The hub, which includes three warehouses and a small office block, has an annual rent roll of over £3m per year.
It was the biggest asset within Propinvest’s collapsed Gemini Portfolio, which comprised 35 assets across the UK.
Administrators at Deloitte were appointed in August 2012 to call in the loan secured on the portfolio and Valad Europe was appointed asset manager for Gemini last December.
CBRE is advising Deloitte; Dowley Turner Real Estate represents Blackstone.
lisa.pilkington@estatesgazette.com
