Hines has acquired a Booker Cash & Carry warehouse from Leopard Capital for £6.45m.
Leopard acquired the 41,802 sq ft warehouse, which is located at Salfords Industrial Estate in Redhill, for £5.05m in 2019. The asset is let to Booker for a further 2.4 years to earliest expiry at a rent of £9.48/sq ft.
Alex Fordyce, managing director of Leopard Capital, said: “We were delighted with this disposal, the property has been an excellent performer for Leopard after re-gearing the lease shortly after acquisition. We achieved our business plan objectives and will be looking to recycle the funds into opportunistic and value add assets.”
Will Gubb, head of industrial capital markets at Knight Frank, which advised Leopard Capital on the disposal, added: “Having advised Leopard Capital on the acquisition of the asset in 2019 it was great to complete this off-market sale enabling our client to crystallise strong returns for their investors. We continue to see good demand for smaller lot size assets with reversionary rental profiles in the short to medium term let to strong covenants.”
ACRE Capital represented Hines on the acquisition.
