27 May 2016
Custodian REIT has acquired a 55,236 sq ft, high bay distribution unit in Tamworth
Custodian REIT is pleased to announce a further property purchase.
The Company has acquired a 55,236 sq ft, high bay distribution unit on Relay Park, Tamworth, located at junction 10 of the M42 with excellent links to the M6 and M1. Nearby occupiers include Sainsbury’s, Aldi, Yusen Logistics, XPO Logistics and Headlam Distribution.
The unit is let to Schenker Limited (trading as DB Schenker), a subsidiary of Deutsche Bahn, on a lease expiring on 27 September 2017.
The agreed purchase price of £4.7 million was funded from the Company’s existing debt facilities, resulting in net borrowings increasing to 12.7% loan to value.
Commenting on the acquisition, Richard Shepherd-Cross, Managing Director of Custodian Capital Limited (the Company’s discretionary investment manager), said:
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