Prologis’ European fund is understood to have paid £25m for Richardson Developments’ Bromford Gate, a 35,302 sq m (380,000 sq ft) industrial and distribution scheme in Birmingham. The deal reflects a yield of about 7%.
As development manager for the scheme, Prologis knows Bromford Gate well. John Cutts, Prologis’ managing director for Europe, said: “We were in a unique position to do this deal. It fits in perfectly with our network of logistics parks in the UK. This is the best industrial and distribution site in Birmingham, with a prime location next to The Fort retail centre on the M6.”
Tenants on the park include Claire’s Accessories, Robson Precision, and Transport Development Group, which has just signed up for 95,000 sq ft.
Two units totalling 10,776 sq m (116,000 sq ft), which are currently under construction, remain available.
EGi News 23/03/00
