ACRE Capital have advised Next on the sale-and-leaseback of a £120m portfolio of distribution warehouses.
The three distribution warehouse facilities, which are located in Yorkshire and extend to a total floor area of approximately 1.2m sq ft, have been sold and subsequently leased back to Next on 25-year leases. The sale was a strategic move by Next to increase business liquidity in order to mitigate the impact of the COVID-19 crisis.
The portfolio was sold to Aviva Investors for approximately £120m.
Property Type: Distribution Warehouse Portfolio
Transaction Type: Sale