A joint venture between Oxenwood Real Estate and Catalina Holdings has acquired a 650,000 sq ft DHL distribution site for £21m, a net initial yield 8.17%.
The unit at Aston Lane North, Preston Brook, were sold by DHL in a sale-and-leaseback deal, with international parcel delivery company entering into a 10-year repairing and insuring lease at a rent of £1.8m a year.
The distribution facility sits on a 30.5-acre site.
Oxenwood Catalina was represented by DTRE. CBRE and B8 Real Estate represented DHL.
Following the acquisition, Oxenwood has agreed an £18m senior debt facility with Royal Bank of Scotland, secured against the Runcorn warehouse and a 150,000 sq ft unit let to Maplin Electronics in Rotherham.
Stewart Little, co-founding partner of Oxenwood, said: "The acquisition of the Preston Brook asset is an excellent addition to our joint venture portfolio and further demonstrates our ability to deliver outstanding income returns underpinned by medium term asset management potential. The building performs a very important role within DHL's multi-user hierarchy."