Delancey has sold HarperCollins’ global distribution headquarters in Westerhill, Glasgow, to raise capital to inject into its new logistics venture, db symmetry.
It has sold the facility to Moor Park Capital, backed by the American Realty Capital Global Trust, for £56m – an 8.5% yield. It is the largest industrial deal in Scotland since EPIC paid £55m for the Rolls-Royce hub near Glasgow Airport in March 2014.
The acquisition also includes an adjoining 67-acre residential opportunity. The land on the site will either be sold on separately to housebuilders or developed by Moor Park.
The 873,119 sq ft HarperCollins facility includes 113,774 sq ft of offices and is fully let to the book publisher at a rent of around £5m pa, or £5.73 per sq ft. It has 10 years remaining on the lease.
The investment is in line with Moor Parks and American Realty Capital’s long-term strategy of targeting high-yielding assets with at least 10 years left on the lease.
Moor Park Capital was named as the exclusive European partner for American Realty Capital’s publicly registered non-traded REIT, American Realty Capital Global Trust, in 2013.
Delancey’s joint venture with Barwood, db symmetry, was formed when Delancey bought a 60% stake in Barwood in January in what was its debut in the logistics sector.
The jv has a 1,330-acre landbank with an expected development value of more than £1.4bn, which it is looking to bolster as the sector expands.
Danesborough Properties is acting for Moor Park Capital on the deal; CBRE advised Delancey.
