Arrow Capital Partners has completed the off-market acquisition of a logistics warehouse in Birstall, West Yorkshire, for £10.35m for its strategic industrial real estate (SIRE) joint venture with Cerberus.
The price paid for the 140,000 sq ft warehouse, which was acquired from the occupier XL Joinery in a sale and leaseback transaction, reflects a net initial yield of 7.25%.
The warehouse is powered by ‘green’ electricity and incorporates EV charging points, LED lighting and has the potential to support PV panels.
Rob Howe, head of real estate, Europe, at Arrow Capital Partners, said: “This purchase marks our first acquisition for our SIRE joint venture with Cerberus in 2023. This investment was particularly compelling due to our strong conviction on rental growth in the West Yorkshire submarket, the excellent ESG credentials of this particular asset and is highly complementary to our existing portfolio in the region. We are actively pursuing similar value opportunities across Europe in targeted high density urban markets where we see strong and sustainable growth prospects.”
Knight Frank and CBRE advised on the acquisition.
