Jersey-based Delin Capital Asset Management has bought a distribution warehouse in greater Manchester from Investec in an off-market deal worth £13m.
The purchase of the Agecroft Commerce Park facility, leased to Bunzl, represents a yield of 7.3%.
Bunzl has a further 13.7 years on the lease.
The acquisition is DCAM’s sixth purchase through its €400m (£337m) Capital Preservation Portfolio I, launched in 2012 to snap up logistics assets, and its second in the UK.
In total, the fund has bought some €180m of European logistics assets. It has until now made all acquisitions on a cash basis but will look to introduce some leverage into future deals.
DCAM was advised by Deloitte and CMS.
annabel.dixon@estatesgazette.com
