NFU Mutual picks up 127,000 sq ft Haydock shed

9 December 2021 10:12 Dan Whelan Comments (0)

Let to Law Distribution on a 15-year lease, the insurer has acquired the industrial unit from investor Aprirose.

Aprirose bought the 127,000 sq ft ARC 30 in May, agreeing a forward funding deal for the scheme’s construction.

Seven months on, the investor has offloaded the property to NFU Mutual for an undisclosed sum.

Meenal Devani, chief investment officer at Aprirose, said: “We are pleased to have executed the quick sale of this asset, seizing this excellent opportunity to recycle our capital as we look to continue to invest heavily in our core sectors; affordable PRS, senior living, hospitality and leisure, along with industrial real estate.”

The Haydock purchase is NFU’s second notable industrial purchase in the North West this year.

In July, NFU acquired a 216,000 sq ft shed at Kingsway Business Park in Rochdale from Standard Life off a guide price of £27m.

The Rochdale unit is understood to be let to ecommerce giant Amazon.

John Brice, property fund manager at NFU Mutual, said: “NFU Mutual is pleased to add this prime distribution unit to our industrial portfolio in such a competitive environment. This acquisition complements our existing portfolio by virtue of its ESG characteristics and long-term income, delivering upon our current strategy.”