F&C REIT Asset Management has advised F&C Commercial Property Trust on the purchase of a B&Q store and a distribution warehouse in East Kilbride and Liverpool respectively for a combined £33.3m.
The B&Q out-of-town store at Mavor Avenue in East Kilbride was purchased for £20m, representing a net initial yield of 6.94%. The 106,045 sq ft warehouse is let to B&Q for an unbroken term of 18 years at an annual rent of £1.5m pa.
G Park in Liverpool comprises a 360,309 sq ft warehouse let to Exel Europe for 10 years. Bought from distribution and logistics developer Gazeley, the property is let on full repairing and insuring terms at an annual rent of £1.4m pa with a guarantee from Deutsche Post AG. The property was bought for £13.3m, reflecting an equivalent yield of 8.3%.
Knight Frank acted for FCPT on both the East Kilbride and Liverpool acquisitions, with DTZ representing the vendor of East Kilbride and CBRE and Colliers International representing Gazeley.
