UBS acquires Belfast Amazon logistics hub
UBS Asset Management has bought an Amazon-let last-mile distribution facility in Belfast, Northern Ireland, from Titanic Quarter.
The 83,915 sq ft property, leased to Amazon for 15 years, was acquired for £27m on behalf of UBS-AM’s clients. The deal represented a net initial yield of 5.5%.
Works on the warehouse, which also provides offices and multi-storey parking for 450 distribution vehicles, completed in September.
UBS Asset Management has bought an Amazon-let last-mile distribution facility in Belfast, Northern Ireland, from Titanic Quarter.
The 83,915 sq ft property, leased to Amazon for 15 years, was acquired for £27m on behalf of UBS-AM’s clients. The deal represented a net initial yield of 5.5%.
Works on the warehouse, which also provides offices and multi-storey parking for 450 distribution vehicles, completed in September.
It will operate as the company’s sole distribution centre, serving the entirety of the Northern Ireland market.
The warehouse is part of the Channel Commercial Park industrial estate.
Gijsbert van Riemsdijk, head of transactions Europe at UBS-AM real estate and private markets, said: “The continued acceleration of the global e-commerce market, the property’s exceptional covenant and the robust performance of the Northern Irish industrial sector provided us with confidence in the strength of this acquisition.
“This strategically-located, prime logistics property offers highly defensive characteristics and visible, long-term income streams that align with the returns target of our clients.”
Knight Frank and CBRE advised UBS-AM, while Savills acted on behalf of Titanic Quarter.
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