AEW UK Real Return Fund has sold the 41,786 sq ft Celestra warehouse at 1-5 James Way, in Bletchley, Milton Keynes, to an unnamed institutional investor for £4.05m.
The sale price reflects a net initial yield of 6.94% which equates to a capital value of approximately £97/sq ft. The warehouse is leased to electronic point of sale and IT provider Celestra until December 2027 at a rent of £300,000 per annum, equating to £7.18/sq ft.
AEW was represented by Tudor Real Estate and the institutional purchaser was represented by Atlas Real Estate.
