Leading commercial property Fund Managers, Orchard Street Investment Management (acting on behalf of St James’s Place UK plc), has completed the sale of Sainsbury’s Regional Distribution Centre, Langlands Park, East Kilbride to Blackbrook Capital.
The 275,000 sq.ft high bay distribution warehouse is let to Sainsbury’s Supermarkets Ltd for a period of 14.5 years at a rent of £1.547m.
The sale price reflects a net initial yield of 4.68%, and confirms the weight of money chasing well let logistics product from overseas and the UK. Blackbrook Capital is backed by North American private equity giant, Eldridge. This is their first purchase in the UK.
Lismore Real Estate Advisors acted on behalf of Orchard Street Investment Management.