Diageo Pension Scheme, advised by Cordea Savills, has sold the multi-let freehold Omega distribution site at Didcot, to an in-house pension fund client of King Sturge for £11.2M, representing a net initial yield of 6.8%.
Omega, a self-contained distribution site, comprises three separate industrial units totalling 11,855sq m, with an average passing rent of £67.81 per sq m. The site is located on the Southmead Industrial Park. Other tenants at the park include Tesco, Christian Salvesen and Asda.
George Tindley of Cordea Savills, fund manager acting on behalf of Diageo, says: “The sale of Omega represents the last sale by Diageo Pension Scheme in a series of disposals which we have carried out to reduce its property exposure in line with current asset allocation strategy.
The Didcot property was a speculative development by Albion Land which Cordea Savills funded on behalf of Diageo Pension Scheme and successfully let to three well-known tenants.”