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Citivale snaps up prime Leeds logistics property for £16.8m

James Appleton-Metcalfe

Yorkshire-based real estate investment and asset management company Citivale, in a joint venture with Bahrain-headquartered investment manager Investcorp, has bought a prime logistics property for £16.8 million.

The net initial yield is 6.6 per cent .

The JV has acquired the 220,043 sq ft Leeds headquarters of Torque Logistics in Wortley Moor Road in a sale and leaseback deal. Torque, who are award-winning logistics specialists, have signed a new 15-year lease without breaks.

James Appleton-Metcalfe, managing director of Citivale, said: “This is an excellent off-market deal, which is a tremendous addition to our portfolio with Investcorp.

“The high-quality property will provide a secure and healthy income over the 15-year lease period. Torque is a well-respected and successful company and this deal benefits all parties.”

Roger Haworth, partner at Sheffield-based property consultancy CPP, who advised Citivale commented: “This is a great acquisition for Citivale and Investcorp as it provides long-dated income to an established tenant in a strong location in Leeds.”

Further to the acquisition of a seven property portfolio from LC Industrial in 2017, when Citivale was retained as asset manager and JV partner, Investcorp also acquired the M8 portfolio in Scotland with Citivale in Q4 2018. The JV now has around £70m of industrial and logistics assets under management.

James Appleton-Metcalfe said: “These are very exciting times for Citivale. The Investcorp partnership is a perfect match for both of us and enables us to source and acquire some excellent commercial property investment opportunities.”

Torque Logistics was founded in Bramley in 1991 and now has seven warehouses and more than 1,000 employees across the .

Torque has expanded beyond its Yorkshire heartland (Leeds, and Wakefield), to premises in Wigan and, even further afield, at Heathrow. The company operates from ports and airports across the globe.

A spokesman said: “We’ve made substantial investments in across our business to ensure that in all aspects of our service we remain one step ahead of the ever-changing landscape, while allowing our customers to innovate and grow.

“By taking care of their supply chain – from ship to store to customer’s door – we enable the dynamic, fast-growing brands with whom we work to concentrate on doing what they do best: looking after and expanding their business.”

Dan Hodge of the Leeds office of property consultancy Ryden acted for Torque.

 

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