Speke shed sold to LondonMetric
LondonMetric Property has acquired Gefco’s 132,000 sq ft purpose-built automotive supply chain facility in Speke, just weeks after the scheme was completed.
The deal for the Estuary Boulevard building is tied in with the purchase of a separate logistics facility in Nottingham, with LondonMetric paying £47.6m for the pair, reflecting a blended net initial yield of 5% rising to a minimum of 5/6% after five years. The 364,000 sq ft Nottingham unit is let to Clipper Logistics.
At Speke, a 15-year lease has been agreed with global logistics operator Gefco at a rent of £5.17/sq ft, subject to five yearly RPI-linked reviews of between 2% and 4%. The unit is close to junction 6 of the M62 and was pre-let by Marshalls to Gefco, which invested £10m in a bespoke design and build project announced in late 2016.
The strategically located facility opened in October and provides storage and sequencing operations for tier one suppliers and original equipment manufacturers in the automotive industry.
Andrew Jones, chief executive of LondonMetric, said: “Following the recent disposals of two short let assets in Daventry and Bolton, we have quickly recycled some of the proceeds into two very long let logistics investments where we will benefit from guaranteed rental growth.
“E-commerce fulfilment and reverse logistics continue to be an increasingly important element of retailer supply chains. Clipper is a market leader in the e-commerce sector, whilst Gefco is a top ten logistics integrator in Europe.”
Swettenham Real Estate and CPP acted for LondonMetric.
