OLIM Property has bought four freehold and one long leasehold wholesale cash and carry warehouses for £29.5m – a net initial yield of 6.4% – for its discretionary pension fund and charity portfolios.
The properties are all let to Giant Booker on leases expiring in 2030 with a tenant’s option to break in 2025.
The rents total £2m pa, or £5.31 per sq ft, with a capital value of £78 per sq ft, with five-yearly upward-only rent reviews and a 2.5% pa compound increase.
JLL and Shepherd and Wedderburn acted for the purchaser; Kimmre and Nabarro acted for the vendor.
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