US-based real estate investment trust Liberty Property Trust has bought 300,000 sq ft of logistics space in the North West, as part of its acquisition of a national portfolio from Leftfield Properties for £111m.
Of the nine warehouse and distribution facilities in the portfolio, three are in the North West. The units purchased are:
- Broadway Business Park, Oldham, an 184,300 sq ft distribution warehouse occupied by 3PL
- Daten Park, Warrington, a 140,800 sq ft distribution facility occupied by Fujitsu
- Bramhall Moor Lane, Stockport, a 20,500 sq ft office used as the tenant’s global headquarters and a 97,000 sq ft warehouse, occupied by a supplier of diesel engines and turbo machinery
The portfolio was built up by Leftfield through acquisitions since 2010, to capitalise on shifts in the UK logistics market, particularly the growth in internet retailing. The facilities fulfil both national and last-mile distribution roles, with access to motorway links and urban centres.
The off-market acquisition supports Liberty’s growing investment in the UK logistics sector, with the business having recently purchased a 10-acre site for development on Brackmills, Northampton.
The Leftfield assets have a total passing rent of £6.4m each year with a weighted average unexpired lease term of just under 4.5 years. Current tenants include major retail and 3PL operators Tesco, DHL and Great Bear as well as XPO, with whom Liberty has an extensive relationship in the US.
Andrew Blevins, managing director at Liberty Property Trust’s UK operation, said: “This acquisition represents a major step forward in our ambition to continue growing our UK warehousing and logistics activity and builds great synergy with our operations in the US.
“The sites add further mass to our existing North West and Midlands built and development portfolio and are ideally placed to capitalise on this growth sector.”
Liberty were advised by DTRE.