Valor pays £50m to build up Birmingham stake

Valor Real Estate Partners has paid NFU Mutual £50m for a last-mile warehouse at Birmingham’s Hub. The pan-European logistics investor, which has become Europe’s fastest-growing last-mile specialist, wants to double its UK portfolio and is expanding its footprint in select regional cities. The 250,000 sq ft single-tenant unit is its second acquisition in Birmingham. The building is let on a long lease to KitchenCraft, and serves as its UK headquarters. Other tenants at Hub include TNT, Argos and Make UK. Jeremy Achkar, vice-president of investments, said: “Birmingham and its 3.6m inhabitants is one of our key regional UK conviction calls, reflecting the acute shortage of available space within suitable proximity to the city centre alongside its growing population and focus of the government’s Levelling Up agenda.” He added: “This transaction is the latest demonstration of our forensic approach to sourcing and originating and offers an attractive mix of strong day-one income, with the opportunity to significantly improve the rental tone over the medium term. It represents our second purchase in a city we aim to increase our footprint in significantly over the coming years.” Valor was advised by Belmore Real Estate and DLA Piper.   To send feedback, e-mail piers.wehner@eg.co.uk or tweet @PiersWehner or @EGPropertyNews Image courtesy of PR View the top industrial agents in the West Midlands with our On-Demand Rankings >>