L&G buys Crewe industrial investment
18 January 2010 08:39
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Legal & General Property has paid £6.425m to buy a warehouse in Crewe, let to 20:20 Mobile Group, from RREEF Real Estate.
The deal reflects a net initial yield of 8.35%. The unit totals 115,476 sq ft and is situated on a 7.3 acre site, equating to a site cover of approximately 37%. The unit is let entirely to 20:20 Mobile (UK), with a surety from 20:20 Mobile Group, on a lease expiring 31 December 2018 at a rent of £567,016 a year.
The Weston Road industrial area of Crewe is home to Rymans, Bentley Motors, B&Q and Tesco Direct.
RREEF Real Estate, part of Deutsche Bank, was represented by Drivers Jonas LLP. Legal & General Property was represented by King Sturge.
