Legal & General has bought a Waitrose regional distribution warehouse at Matrix Park in Chorley from BA Pension Fund for £50.8m, representing a net initial yield of 4.18%.
The 422,000 sq ft shed was bought on behalf of L&G’s annuity fund and is let to Waitrose on a rent linked to RPI for a term of 30 years from April 2012.
The rent has been topped up to the April 2017 review to reflect anticipated RPI increases.
Adam Kerr, head of transactions at L&G, said: “This is the second acquisition of a strategically important distribution asset let to the UK’s premier retailer in the last 12 months and follows the purchase of Waitrose RDC at Magna Park in Milton Keynes.”
Morgan Williams advised Legal & General Property on the deal, while DTRE acted for BA Pension Fund.
