InfraRed Capital Partners has clinched a 162,000 sq ft North East warehouse scheme from Network Space for £17.6m, in an off-market deal.
The acquisition, which reflects a net initial yield of 5.5%, was made on behalf of the InfraRed Urban Logistics Income Fund and is located in St Helens near both Manchester and Liverpool.
The scheme has a weighted average lease length of more than 14 years, and is currently let to five occupiers.
InfraRed Capital Partners investment director Dean Harrison said: “The accelerated shift to e-commerce during recent months has increased demand for modern, high-quality urban logistics assets.
“We are looking to expand our urban logistic holdings in the UK and Western Europe throughout 2020 and beyond, with substantial capital available for deployment.”
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