ING Real Estate Investment Management has paid £23.65m on behalf of a pension fund client to buy a B&Q retail warehouse in Crewe from Delancey.
The 111,000 sq ft retail warehouse is in Weston Drive and is let to B&Q for 25 years, with an unexpired term of in excess of 18 years. The sale price represents a net initial yield of 6.26%.
The property comprises a purpose built retail warehouse plus a garden centre and a builder's yard.
CWM acted for ING REIM; Jones Lang LaSalle advised Delancey.