Travis Perkins Properties has sold a 214,000 sq ft warehouse on a 22-acre site at Scimitar Way in Coventry to Equites International for £41m.
The price represents a net initial yield of 4.535% and the deal is underpinned by a letting to a major distribution company for a 15-year term.
Whitley Business Park is located at the junction of the A45 & A46 dual carriageways. It is home to Jaguar Land Rover’s world headquarters and global engineering campus which is in itself undergoing major expansion.
100 Scimitar Way was constructed by Winvic Construction for St Modwen and Travis Perkins, which was advised in the acquisition of the land, letting and investment sale by Chadwick McRae and Herbert Smith Freehills LLP.
South African JSE listed fund Equites was advised by ACRE Capital and Maclay Murray & Spens LLP. Riaan Gous, Chief Operating Officer said: “Equites is delighted to have acquired this quality asset in a key strategic logistics node. We believe that the asset fits perfectly with our UK expansion strategy.”
Ed Gamble, a Partner of ACRE Capital, said: “ACRE Capital are delighted to have secured the off-market acquisition of this sought after distribution shed on behalf of Equites. The transaction is a continued sign of overseas investors confidence on the UK distribution market, a trend that shows no signs of abating. This super prime strategically located Distribution unit is well positioned to outperform.”
Location: 100 Scimitar Way, Coventry
Property Type: Industrial / Logistics
Transaction Type: Acquisition