Authorities buy retail park
The Local Authorities’ Property Fund, managed by CCLA, has bought the Beckton Retail Park, E6, for £32m – a 6% yield. The 200,000 sq ft park is let to 10 tenants including Iceland and Matalan. Chris Freer-Smith acted for LAPF; CBRE advised vendor Glanmore Investments.
L&G picks up Next shed
L&G has completed its forward purchase of Next’s 702,500 sq ft distribution centre at West Moor Park in Doncaster, Yorkshire, for £68.5m, a 4.2% yield. The shed will complete in 2016, and is let on a 25-year lease. JLL advised L&G; CBRE acted for Next and developer Highbridge Properties.
Derbyshire warehouse sold
SERT-MST has sold the XL240 distribution shed in Swadlincote, Derbyshire, to Clipstone Logistics REIT for £17m – a 6.7% yield. The 240,000 sq ft shed was previously leased by SERT-MST but is now let to Clipper Logistics. It is Clipstone’s first purchase since its listing in December. Knight Frank advised SERT-MST; BNP Paribas Real Estate represented Clipstone.
Brydell buys in Brum
Brydell Partners has acquired 22 and 35 Gas Street in Birmingham, West Midlands, the firm’s first purchase since it was formed in 2014 by former Brockton Capital duo Charlie Desmond and Dan Kelly. The firm paid £12m, an 8% yield, for the offices. GBR Phoenix Beard and Tudor Toone represented vendor Cube Real Estate; ADS Real Estate advised Brydell Partners.
Partners grab logistics unit
Oxenwood Real Estate, set up by two former London & Stamford partners, and Catalina Holdings have bought the Bibby Distribution Unit in Biggleswade, Bedfordshire, for £13.7m, a net initial yield of 6.85%. DTRE represented the jv; B8 acted for the vendor.
