Westbrooke and Argo go the extra mile
17 September 2020
Westbrooke Alternative Asset Management UK (“WAAM UK”) together with Argo Real Estate (“Argo”) are pleased to announce the acquisition of a last mile logistics centre in Manchester for £6.45m. The centre is leased to leading global logistics company Kuehne & Nagel (“K&N”), at a net initial yield of approximately 5.30% (the “K&N Transaction”).
The 75,000 sq ft distribution warehouse is located in a mixed-use area located 2 miles from the Manchester City Centre and 3 miles from the M60 (J22) – Manchester’s orbital motorway. The area is now a major regeneration zone and other local occupiers include the Northern Police Headquarters, Fujitsu and the Manchester City Etihad Stadium.
K&N disposed of the Property as part of their larger sale and leaseback strategy and as part of the transaction agreed to a 10-year lease, with a rent review and tenant only break clause at the end of year 5.
Richard Asherson, MD of WAAM UK said, “It has been a privilege to work with the Argo team on this transaction and we are excited by the opportunity to build a substantial portfolio with them as our partners. We have a robust pipeline of opportunities and are actively working on a number of transactions for this strategy.”
Gavin Rabinowitz, MD of Argo, added, “We are excited to close our first deal with Westbrooke. It’s a great asset satisfying all the criteria of our strategy! On to the next one…”