DTZ Investors has acquired Coventry Logistics Park for £140.415m from Bericote and JP Morgan Global Alternatives.
The park comprises three newly constructed logistics units totalling 784,989 sq ft let to DHL, Geodis and Viad, with a WAULT of 11.81 years
Coventry Logistics Park, which sits on a 43-acre site, generates £6,540,132 per annum in rent and all three leases have attractive rent review mechanisms capturing the higher of open market value or CPI index linked increases.
All of the units are BREEAM Outstanding and have an EPC A rating. Photovoltaic panels are situated on all three roofs, air source heat pumps are used as the primary source of heating for the warehouse areas and there is a high provision of EV charging points.
Tom Royston, director at DTZ Investors, said: “Coventry Logistics Park is a high quality multi-let logistics asset that is well aligned to the fund’s investment strategy. The property benefits from an excellent specification and is market leading in terms of its sustainability credentials. The low average passing rent, in conjunction with reversionary potential and the attractive rent review mechanisms, results in the asset forecast to deliver an attractive risk-adjusted return.”
James Fairweather, head of industrial and logistics investment at BNP Paribas Real Estate, added: “We are delighted to have advised DTZ Investors on this prime logistics transaction which reinforces the desirability of ‘best-in-class’, sustainable, logistics property in a market constricted in supply. Coventry is a premier logistics location as demonstrated by the depth in occupational demand and continued rental growth, particularly for the highest quality units which this property offers.”
DTRE acted for Bericote and institutional investors advised by JP Morgan Global Alternatives.
