Blackbrook builds logistics portfolio with South Yorks buy
Specialist European real estate investor Blackbrook has bolstered its logistics portfolio by a further 400,000 sq ft with the acquisition of a scheme in Doncaster, South Yorkshire.
Bought from a regional logistics player for a price rumoured to be north of £50m, the scheme is set to complete in July 2023. The unit will be built to a BREEAM Excellent standard and offer 18m clear heights and five-tonne floor loads.
The site, which sits next to the M18 motorway, has been developed for a single occupier and is expected to attract interest from tenants with both regional and national mandates due to its connectivity. Alongside the direct access to the M18, the site is also well connected for the east coast seaports of Goole, Immingham and Hull, Doncaster Airport and rail-freight ports at Doncaster Railport and iPort.
Specialist European real estate investor Blackbrook has bolstered its logistics portfolio by a further 400,000 sq ft with the acquisition of a scheme in Doncaster, South Yorkshire.
Bought from a regional logistics player for a price rumoured to be north of £50m, the scheme is set to complete in July 2023. The unit will be built to a BREEAM Excellent standard and offer 18m clear heights and five-tonne floor loads.
The site, which sits next to the M18 motorway, has been developed for a single occupier and is expected to attract interest from tenants with both regional and national mandates due to its connectivity. Alongside the direct access to the M18, the site is also well connected for the east coast seaports of Goole, Immingham and Hull, Doncaster Airport and rail-freight ports at Doncaster Railport and iPort.
Blackbrook managing director Jon Strang said: “With the lowest vacancy rate and some of the strongest rental growth in the UK, Yorkshire is a jewel in the north of England for the development of these types of assets. The region also boasts high quality logistics connections, as well as a very large and available workforce.”
Average logistics rents in the area, according to EG Radius, are £6.10 per sq ft.
The acquisition is the latest in a string of purchases in the logistics sector, as the firm aims to become a leading supply chain infrastructure investor across Europe. In late 2020, it bought a 274,000 sq ft distribution hub let to Sainsbury’s close to Glasgow for around £30m, and last year acquired a 550,000 sq ft facility in the East Midlands gateway.
Arvi Luoma, co-founder and chief executuive at Blackbrook, added that South Yorkshire was a region where “demand is far outstripping supply and the investment fundamentals remain strong”, adding: “We look forward to continuing on our path as a leading supply chain infrastructure investor across Europe.”
Blackbrook was set up in March 2020 by Luoma, former head of European investments for sale-and-leaseback specialist WP Carey, and chairman Gordon DuGan, a former chief executive of Gramercy Property Trust and of WP Carey.
NorthCap advised Blackbrook.
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