Moorfield Group has acquired a 324,000 sq ft warehouse near Crewe for £16.25m from Lagan Developments.
Moorfield has made the purchase on behalf of Moorfield Real Estate Fund IV. The distribution facility is let until December 2020 to Geberit, a Swiss group specialising in bathroom products and drainage systems
The building is Geberit’s only distribution centre in the UK, working with its Warwick sales office, and sits close to Alsager, three miles from junction 16 of the M6.
Charles Ferguson-Davie, chief investment officer, Moorfield, said: “We established MREFIV to target investments in build to rent, student accommodation, logistics, mixed-use projects and infrastructure-led opportunities.
“As part of the logistics strategy we are targeting units with short to medium term lease lengths. The ambition is to build a portfolio of good quality, well located, institutional grade logistics units where we can use our asset management capabilities and experience to bring further value to each asset. This is the first investment in our industrial strategy for the fund.
“There is a shortage of good quality logistics units and strong demand from occupiers for these properties, which is supporting rental growth and yield compression in the sector. We will be looking to invest in further opportunities in locations with strong supply and demand imbalances.”
Moorfield was represented by King Street Commercial and Lagan Developments by CBRE.