IM Properties has bought 13,437sq m of modern warehousing at Glasgow airport, complementing its stake in Magna Park, Leicestershire and the rail-served Birch Coppice Business Park in North Warwickshire. The latest development gives IM Properties substantial investments in all three main logistics and distribution modes – road, rail and air.
The company says that the £10.1M acquisition of six buildings at Glasgow Air Cargo Centre, located alongside the M8 motorway, represents a yield of 8.04%.
Commenting on the Scottish move, IM estates director Paul Foster says: “Our return north of the border after a short absence provides us with well located dedicated distribution units with opportunities for rental growth.”
The Glasgow offices of Drivers Jonas and Jones Lang LaSalle have been instructed to market the vacant space at £5 per sq ft.