Aviva buys in Preston

Aviva Investors has acquired the ThyssenKrupp Aerospace distribution unit in the Walton Summit Industrial Estate in Preston for £7.29m, reflecting a net initial yield of 7.65%.

The 147,000 sq ft distribution warehouse and office building is let to aerospace materials supplier ThyssenKrupp for a further five years, at a passing rent of £590,000 a year and a low capital value of £47/sq ft.

Aviva Investors was advised by Colliers International in Manchester, while the vendor M&G Investments was advised by JLL.