ACRE Capital have advised Aberdeen Standard on the sale of an urban logistics warehouse facility at Thornes Farm Business Park in Leeds extending to 161,537 sq ft.
The sale crystalised the profit Aberdeen Standard generated from the asset management undertaken on this asset over the last five years, which has delivered returns in excess of 12.50% per annum for the Fund. Asset management initiatives have included an extension of the building and reversionary lease extension with the tenant Symington’s, providing an unexpired lease term of approximately 16 years at the point of sale.
The property was sold to a retained client of Citivale for £16,350,000.
Property Type: Urban Logistics
Transaction Type: Sale
Client: Aberdeen Standard