Arrow Capital Partners has completed the sale of a 248,000 sq ft logistics warehouse in Corby to Leftfield for circa £30m.
The BREEAM Excellent rated warehouse, which is located on Midlands Logistics Park, was pre-let to Smyths Toys in 2021 on a 15-year lease with a break at 10 years.
The sale to Leftfield is the first disposal from Arrow’s Strategic Industrial Real Estate joint venture (SIRE) with Cerberus.
Rob Howe, head of real estate, Europe at Arrow Capital Partners, said: “This sale demonstrates the strong demand for long-leased, well-located warehouse space with excellent sustainability credentials in the UK. We decided to divest having created a stabilised asset and exceeded the business plan. This sale will allow us to recycle capital to take advantage of opportunities that are likely to emerge as valuations and finance rates settle over the coming months.”
Nico Fourie, chief executive officer of Leftfield Advisors, added: “Leftfield remains a conviction buyer within this sector; businesses are executing on a strategic initiative to shorten and localise supply chains. This is a permanent structural transition that requires decades of committed capital investment. Leftfield’s acquisition is a quality warehouse in a well-selected location and a key contributor to supply chain efficiencies. It is let on an excellent covenant and will enjoy strong rental growth going forward.”
Arrow was advised by CBRE on the sale. Gerald Eve acted on behalf of the buyer.
