German open-ended fund Internationales Immobilien-Institute GmbH (III) has made its first UK deal – buying a warehouse on Magna Park, Leicester, for £22.5m.
The 33,759 sq m (363,387 sq ft) distribution unit, bought from the Church Commissioners, is let to ASDA on a 25-year lease at a low base rent of £45.50 per sq m (£4.23 per sq ft).
The purchase price represents a yield of 7.15%.
Mark Wilson of CB Hillier Parker, which is advising III, said; “III is the third-largest German open-ended fund and was the only leading one not to invest in the UK.”
EGi News 16/10/98
