Aviva buys £74m John Lewis DC

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Gazeley has completed the £74.2 million sale of its 669,000 sq ft John Lewis e-commerce distribution centre in Magna Park, Milton Keynes, to Aviva Investors.

The facility is currently under construction for the UK retailer, and is scheduled for completion in February 2014.

It will now be forward funded by Aviva, and let to John Lewis for 30 years, with inflation-linked rent reviews each year.

“We took the decision to sell this prime asset in light of the recent surge in investor demand and are very pleased to have completed this deal with the Aviva team in just ten days, which was in line with our expectations,” said senior vice president at Gazeley, Nigel Godfrey.

Colliers International acted for Aviva Investors, and Jones Lang LaSalle and Savills acted for Gazeley.

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