Legal & General Property’s UK Property Unit Trust has acquired the Argos Distribution Centre, Acton Gate, Stafford from Dimah Capital, for a total consideration of £33m, equating to a net initial yield of 6.22%.
Located next to Junction 13 of the M6 motorway at its intersection with the A449, the property is situated approximately 25 miles north of Birmingham and 2 miles south of Stafford.
Comprising a modern logistics unit with a total floor area of 473,222 sq ft, the asset it let to Argos Limited until December 2026.
Co-fund manager of the Legal & General UK Property trust, Matt Jarvis, said: “We have invested into the distribution sector on a regular basis in the past 15 months and continue to favour its long term performance dynamics. In this latest transaction the property is let to a strong covenant with a successful distribution strategy that links both their online and offline retail activities. The property is well-configured and given the current shortage of high quality warehouse accommodation in the midlands we believe that it also offers long term opportunities for rental growth.”
LCBRE advised LGP.
chris.berkin@estatesgazette.com
