UBS has gone under offer with a circa £50m bid for a Tchenguiz-owned distribution centre let to BT on the 500-acre Magna Park Lutterworth in Leicestershire.
Unit 4100 is a 432,628 sq ft warehouse, built in 1998, that generates rental income of £2.5m annually, at £5.92 per sq ft, with fixed 3% monthly rental uplifts until 1 March 2026. It has an unexpired lease term of 17 years.
It was owned by Rotch Property Group, which is a collection of interests jointly owned by brothers Robert and Vincent Tchenguiz before each set up his own independent investment firm.
The Rotch assets are now in the process of being sold off by receivers at Saffery Champness as part of a restructuring of the Tchenguiz family trust.
Offers of £44m were being sought for the shed, which sits on a 22-acre site. The UBS deal would represent a sub-5% yield.
Aside from serving as BT’s primary distribution hub, the shed is also a base for BT Fleet, a 75,000-vehicle fleet management arm of the BT Group that services vehicles for clients including National Grid and Thames Water.
DTZ acts for the vendor, Knight Frank acts for UBS.
chris.berkin@estatesgazette.com
