Rodamco has bought the new Eddie Stobart distribution depot at Daventry International Rail Freight Terminal.
The purchase is in the form of a £23m sale and leaseback transaction for a 41,433 sq m (446,000 sq ft) distribution depot under construction for the haulage contractor.
The group will take a 25-year lease with rent reviews geared to the higher of open market rental value or 3% a year compound. Mark Rawstron, investment part at Grimley, which advised Eddie Stobart, said: “The purchase price reflects a yield of 8%. It demonstrates the continued strength of the market for high quality new developments on long leases.”
- The Daily Telegraph 09/06/97 page 26
