Canmoor has acquired a 111,727 sq ft warehouse in Birmingham from the Canal & River Trust for £10.4m, in a deal reflecting a net initial yield of 5.6%.
The unit at Redfern Park Way, Tyseley, is occupied by car components maker Sertec Group.
Over the past 15 years, the company has invested significantly in the operating plant and upgrading the unit, which sits on a 5.19-acre site.
Mark Rooke, director in the investment team at MK2, which acted on behalf of the Canal & River Trust on the sale, said: “Only a handful of units of this size have come to the market in the last six months. It’s a real sweet spot for investors and as a result we saw a lot of interest in this asset.”
