A prime 126,534 sq ft logistics distribution unit in Elland, Yorkshire, that is let to Buy It Direct, one of the UK’s largest online consumer goods retailers, has been acquired in a £17 million deal.
Unit J6 at Lowfields Business Park was built in 2005 and sits in a 6.3 acre site, approximately one mile from junction 24 of the M62.
The site has been acquired by Cabot Properties, the international private equity real estate investment firm, which is exclusively focused on industrial properties. The acquisition was negotiated by the Investment team at Leeds property consultancy, Gent Visick (GV).
Michael Williams, director of investments at Cabot Properties, said: “This is a modern, well specified logistics asset, let to a fast growing, nationally recognised e-commerce occupier in a highly accessible location which makes this a strong addition to our core portfolio.”
“We continue to actively seek both Core and Value Add opportunities to build upon our existing portfolios in the UK.”
Garry Howes, director of investment at GV who negotiated the deal on behalf of Cabot, said: “In the current highly competitive industrial and logistics market with unprecedented levels of capital looking to be deployed, it is always a pleasure to be able to secure opportunities for our clients. This is a high-quality unit, close to the M62, that is let to one of the UK’s fastest growing online retailers.”
“This made it a very compelling investment opportunity for Cabot Properties, and we’re very pleased to complete this acquisition on their behalf.”
Cabot Properties acquires, develops and operates logistics real estate in world-class cities throughout the United States, United Kingdom, Europe, and Australia. Over time Cabot Properties has invested $13 billion in logistics real estate, served over 4,000 tenants and operated over 1,500 buildings totalling more than 200 million square feet.
GV is a leading property consultancy providing support during acquisitions, sales, lettings and investment transactions, with offices in Leeds and London. Its services include industrial agency, building surveying and project management, investment and strategic consultancy.