Rare Cash and Share Deal as ACRE Advises on the Disposal of Trophy South Coasts Asset
ACRE Capital have advised M&G Investments on the sale of Tesco, Southampton a prime distribution warehouse facility situated on Nursling Industrial Estate, the South Coasts premier distribution location considering its close proximity to J3 of the M27 motorway.
The property is fully let to Tesco and comprises a crossed docked distribution warehouse extending to c.325,167 sq ft. It benefits from 360 degrees circulation, 10m eaves, substantial service yards to all four elevations and a very low site density of c.37%.
The property was sold to Tritax Big Box REIT for £44,200,000, with £24,200,000 of the consideration being funded through Triax’s existing cash resources and the rest via the issuing of 12,166,930 new ordinary Tritax shares.
The deal was a great result for M&G, as it not only achieved strong pricing but it also allowed the fund to maintain its industrial weighting.
Property Type: Industrial Warehouse
Transaction Type: Sale