Moorfield Logistics Partnership has sold a portfolio of distribution warehouses for £42.5m to an unnamed institutional investor.
The portfolio comprises five units in four locations; Rushden, Warrington, Deeside and Huddersfield.
In Rushden two warehouses totalling 239,644 sq ft are let to retailer Urban Outfitters; one 94,234 sq ft warehouse in Warrington is let to retailer Next Group; a 162,116 sq ft unit in Deeside is let to paper and packaging manufacturer Mayr-Melnhof Packaging UK; and the Huddersfield unit is a 47,666 sq ft industrial unit with offices let to the Council Borough of Kirklees.
Charles Ferguson-Davie, chief investment officer at Moorfield, said: “The unsolicited offer on the assets was at a level that resulted in the business plan being achieved sooner than anticipated.”
He added that the proceeds of the sale would be reinvested on behalf of Moorfield Real Estate Fund IV, which is targeting investments in the residential build to rent sector, student accommodation, logistics, mixed-use projects and in infrastructure-led opportunities.
Moorfield Logistics Partnership is a subsidiary of Moorfield Real Estate Fund III, a value-add fund managed by Moorfield Group.
Moorfield was represented by Gerald Eve; the purchaser was represented by ACRE Capital Real Estate.
To send feedback, e-mail Louise.Dransfield@egi.co.uk or tweet @DransfieldL or @estatesgazette
