Leftfield has bought a prime industrial and distribution warehouse at Horizon 120 in Braintree, Essex, from Abrdn.
The 137,870 sq ft warehouse was purchased for £23m.
It is operated by British Offsite, a subsidiary of Weston Group, which manufactures and distributes components for the new homes industry from the site.
British Offsite has an unexpired lease term of 24.1 years with a passing rent of £1.21m pa.
The facility’s sustainability credentials include BREEAM Very Good and EPC A ratings. It will sit within Leftfield’s Fund III portfolio.
Nico Fourie, chief executive of Leftfield, said: “Leftfield continues to acquire accretive opportunities within the UK industrial warehouse sector. This high-specification, South East located, warehouse comes with attractive rental growth opportunities and is an excellent addition to Leftfield Fund III, a theme-specific portfolio.”
Joel Duncan, capital markets director at JLL, which advised Leftfield on the purchase, said: “With its prime location, impressive specifications and significant potential for reversionary growth the property is undoubtedly a valuable addition to our client’s portfolio.
“Leftfield has positioned itself to capitalise on future market trends and rental growth in the thriving Braintree area.”
Abrdn was advised by Knight Frank.
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Photo © JLL on behalf of Leftfield
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