Industrial property consultancy B8RE has completed the disposal of a modern single-let logistics warehouse in Ellesmere Port, Cheshire, on behalf of a UK Pension Fund client in a deal worth close to £18.5m.
The 210,000ft² facility is let to automotive manufacturer Honeywell, which is the company’s sole distribution hub in the UK and benefits from 5.25 years term certain at a rent reflecting £5.29 per ft² with an upwards-only, open market rent review on 7 November 2024.
Simon Wood, investment director at B8RE, said: “Having advised on the acquisition of the asset in 2019, we have been involved throughout the client’s ownership, culminating in the successful disposal.
“This sale completes a successful business plan for our client, who recently negotiated a re-gear with the tenant.
“We received very strong interest from a core group of investors, demonstrating that significant investor demand remains for well specified assets, let to strong covenants in established industrial locations.”
Michael Williams, director of investments at Cabot Properties, added: “We are pleased to have concluded this transaction which aligns with our strategy to focus on high-quality, well-located assets in undersupplied regions such as the North West.
“We remain focused on identifying and acquiring further opportunities across the UK.”
B8RE acted on behalf of the vendor with Hogan Lovells on the legals, while Logix Property acted on behalf of Cabot Properties with Mayer Brown on the legals.
