DTZ Investors has bought the 784,898 sq ft Coventry Logistics Park from Bericote and JP Morgan for £140.4m.
The 43-acre site is fully let to three tenants – DHL, Geodis and Viad – generates an annual rent of £6.5m and has a WAULT of 11.81 years.
Tom Royston, director at DTZ Investors, said: “Coventry Logistics Park is a high-quality multi-let logistics asset that is well aligned to the fund’s investment strategy. The property benefits from an excellent specification and is market leading in terms of its sustainability credentials. The low average passing rent, in conjunction with reversionary potential and the attractive rent review mechanisms, results in the asset forecast to deliver an attractive risk-adjusted return.”
