Chancerygate has acquired the 825,000 sq ft World Freight Terminal at Manchester Airport from Columbia Threadneedle for an undisclosed price.
The multi-let industrial (MLI) estate, which sits on a 54-acre site adjoining the boundary of the airport, comprises 64 units across 17 buildings and a 6.7-acre development plot with planning consent for 150,000 sq ft of MLI space.
The terminal is 95% occupied with 39% of floor space developed within the last five years and a further 13% refurbished within the last 12 months.
Simon Cowley, head of investment management at Chancerygate, said: “World Freight Terminal provides a diversified and complementary blend of long income logistics facilities, MLI units and future development opportunities, supported by an airport-linked occupier base. It benefits from exceptional tenant demand and aligns perfectly with Chancerygate’s investment strategy over the past 12 months of targeting dominant regional MLI estates. This sees us able to execute clear value-add initiatives, with short-term access to reversionary income and the ability to unlock longer-term development potential.”
Chancerygate was advised on the acquisition by Tudor Real Estate and Bryan Cave Leighton Paisner (BCLP). Newmark acted for the vendor. B8 and Knight Frank are agents for World Freight Terminal.
