Moorfield expands portfolio with £14m sheds deal
Moorfield has acquired two logistics properties for a combined £14m on behalf of its Moorfield Real Estate Fund IV.
The private equity fund manager has bought a 129,076 sq ft warehouse in Milton Keynes, Buckinghamshire, from Aberdeen Standard Investments.
The warehouse is let off a reversionary rent to Bong UK, one of Europe’s largest producers of specialty packaging and envelopes, on a 12-year lease with 6.5 years remaining.
Moorfield has acquired two logistics properties for a combined £14m on behalf of its Moorfield Real Estate Fund IV.
The private equity fund manager has bought a 129,076 sq ft warehouse in Milton Keynes, Buckinghamshire, from Aberdeen Standard Investments.
The warehouse is let off a reversionary rent to Bong UK, one of Europe’s largest producers of specialty packaging and envelopes, on a 12-year lease with 6.5 years remaining.
In a separate deal, Moorfield has bought a single-let, 111,000 sq ft distribution warehouse in Felixstowe, Suffolk, from rice supplier Indo European Foods via sale-and-leaseback. As part of the deal a new 20-year lease has been agreed with the supplier, which has occupied the site for 15 years.
The deals represent a combined net initial yield of 7.7%.
Moorfield is aiming to amass a UK portfolio covering more than 1m sq ft by the end of 2020.
The fund manager said the acquisitions formed part of its strategy to invest in locations that will benefit from population increases and infrastructure improvements.
Charles Ferguson-Davie, chief investment officer at Moorfield Group, said: “These acquisitions fit with our investment strategy of acquiring circa £5m-£15m in single-let logistics assets in undersupplied locations, which offer significant reversionary potential through a range of asset management initiatives.”
Moorfield was represented by Fineman Ross and WBD in both transactions. Knight Frank acted for Aberdeen Standard Investments on Milton Keynes and CBRE acted for Indo European Foods on Felixstowe.
To send feedback, e-mail pui-guan.man@egi.co.uk or tweet @PuiGuanM or @estatesgazette
