Hermes has bought Booker’s 37,996 sq m (409,000 sq ft) high bay warehouse at Hatfield, Hertfordshire, in a £33m sale-and-leaseback deal. The sale reflects a net initial yield of 7.45%.
Booker Belmont Wholesale Ltd is paying a passing rent of £67.27 per sq m (£6.25 per sq ft) on a 25 year lease with no break options. Booker plc guaranteed the lease on the unit which is located on 10.52 ha (26 acres) .
Hermes, acting on behalf of Britel Fund Trustees Ltd, bought the unit from Booker’s development arm, McConnell Properties Ltd.
Andrew Martin, Chief Estates Manager at Hermes, said: “We are delighted to have concluded this off market deal with Booker plc for what we believe to be one of the largest warehouse deals in the UK for some time. This acquisition is in line with our strategy of acquiring well let units with capital and rental growth potential.”
Hermes was advised by Taylor Wells.
EGi News 13/10/97
