Morley Fund Management is about to buy a 670,000 sq ft Sainsbury’s distribution shed in Kent from Prologis in a deal worth around £100m, reflecting a 6% yield.
The warehouse, at Prologis’ The Bridge mixed-use scheme in Dartford, is let to the supermarket giant at a rent of around £7.50 per sq ft.
Morley is understood to have fought off competition from Prudential Property Investment Managers for the shed.
A source said: “The unit has been on the market for a long time, but given the large unit size, most of the funds couldn’t get to the level required.”
References: EGi News 16/12/05
