Industrial & Logistics Investment team advised DTZ Investors (obo Strathclyde Pension Fund) on the acquisition of Coventry Logistics Park for £140.415m reflecting 4.52% NIY (5.30% RY).
The scheme was completed last year and is BREEAM outstanding and all units are EPC rated ‘A’ in operation which meets the client’s aspiration for rotating their portfolio to a more sustainable model. This is a market leading transaction in a challenging investment environment.
The property was under offer in May 2022 at over £200m until the market decline resulted in the transaction being withdrawn. We tracked the investment for our client and approached the vendor off-market. We undertook detailed rental and investment analysis to underwrite the purchase and agree terms with exclusivity. The transaction closed within 4 weeks of terms being agreed.
The asset perfectly suited the client’s aspiration to purchase best in class logistics investments with the highest ESG criteria. From a future performance perspective, the rent review mechanics offering the higher of OMV or CPI indexation are highly sought after.
The scheme also won ‘best overall scheme’ at the IAS annual awards ceremony in October 2023.
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