Tritax Big Box REIT has exchanged contracts to buy a 315,000 sq ft warehouse in Manchester, alongside a distribution centre in Derby, for a combined purchase price of £55m.
The blended net initial yield for the two properties is 6.53%.
The Trafford Park facility is let to beauty company L'Oreal and is being acquired with an unexpired lease term of around five years. The vendor was undisclosed.
The property was developed in 2004 and extended in 2013 with a total floor area of 315,118 sq ft.
Both purchases have been funded from equity proceeds.
JLL represented Tritax, while Strutt & Parker represented the vendor.
Colin Godfrey, Pprtner of Tritax, said: "The company has now successfully invested or substantially committed all of the net investable funds from its £150m equity fundraising in July 2014 and currently has a portfolio comprising 14 UK Big Box assets in aggregate, including these two new acquisitions."