CCLA has acquired a 45-acre industrial estate in Mendlesham, Ipswich for the COIF Charities Property Fund.
The vendor is Henly Investments.
The sale price of £20m represents a net initial yield of 9%.
The estate is let to CEVA Logistics for 17 years at a passing rent of £1.9m annually, subject to annual uplifts of 2.5% annually.
CEVA occupies 18 warehouse units on the site, totalling 749,000 sq ft.
Strutt & Parker head of industrial and logistics James Fairweather said: “Well-let distribution facilities on good covenants have become a staple demand for investors.
“Mendlesham Industrial Estate’s strong fundamentals combined with a long unexpired lease term and guaranteed rental uplifts, made it an attractive addition to CCLA’s portfolio.”
Strutt & Parker acted for CCLA, Henley Investments was represented by DTZ.
