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.

ENDS

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

back to real estate News & Events

Printer Friendly Version