Gatehouse Bank has bought the Omega building at Capitol Park in Thorne, Doncaster from Omega for £16.3m.
The London-based investment bank specialising in shariah-compliant products and services completed the purchase of the freehold interest in a deal reflecting a net initial yield of 7.25%.
Omega, which specialises in fitted kitchen and furniture design, manufacturing and marketing, has agreed to lease back the 314,343 sq ft industrial facility for a term of 20 years, paying a passing rent of £1.25m pa.
Capitol Park is located off Junction 6 of the M18, and was part-financed by the Yorkshire and Humber European Regional Development Fund Programme.
It is currently home to industry leading companies including BMW, Cooper Lighting and Truck Hydraulics.
Henry Thompson, chief executive of Gatehouse, said: “The property benefits from stable long-term investment characteristics and will generate a generous return for our investors.
“Industrial real estate continues to provide excellent investment opportunities for the bank and will remain a focus as we look to diversify our UK portfolio further.”
Gatehouse was advised by Savills; Knight Frank acted for Omega.
