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IM Properties acquire Morrisons' new distribution warehouse
13 Jul, 2007, Swindon, UK
IM Properties has continued with its acquisition programme with the purchase of a newly constructed 302,000 sq ft distribution warehouse known as DC2, on South Marston Park, Swindon.
The Warwick based investor developer has acquired the freehold interest of the 302,000 sq ft (26,166 sq m) distribution warehouse building for £24 million. The purchase from Prologis represented a net initial yield of 7% via a SPV.
The property is situated adjacent to Honda’s European manufacturing headquarter’s facility. Prologis previously sold a similar sized unit known as DC1 on a freehold basis to Honda who use the unit for distribution.
DC2 has been fully let to WM Morrison Supermarkets Plc for a term of five years with a tenant's break option at the end of the third year. The tenant has agreed a rent of £1,721,400 per annum equating to £5.70 per sq ft (£61.35 per sq m).
Cushman & Wakefield acted for IM Properties’ while Knight Frank and King Sturge advised Prologis.
For further information contact:
Tim Wooldridge, IM Properties – 02476 537100
Richard Peace, Cushman & Wakefield– 020 7152 5283
Stephen Imrie – Knight Frank – 020 7861 1226
Bruce Spencer – King Sturge - 020 7087 5334
For press information contact:
Chris Bond – Cushman & Wakefield – 020 7152 5006