Moorfield sells £29m Buy It Direct shed in West Yorkshire

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Real estate fund manager Moorfield has sold a 385,000 sq ft shed in Huddersfield, West Yorkshire for £29m to REIT W.P. Carey.

The unit had been let to Poundstretcher on a 25 year lease that started in December 2017 but was subsequently sub-let to Buy It Direct in 2019 on a 10 year sub-lease. The NDC was acquired by Moorfield in April 2017.

Charles Ferguson-Davie, chief investment officer at Moorfield Group, said:We established the Moorfield Logistics Partnership within Moorfield Real Estate Fund III to target logistics units with lot sizes of £5 million to £20 million and with short- to medium-term lease lengths.

“We are currently looking to invest in new logistics opportunities on behalf of Moorfield Real Estate Fund IV  in order to create a new Moorfield Logistics Partnership portfolio. So far we have acquired four units, comprising c.700,000 sq ft, with a desire to do more in 2020.”

MLP was represented by Savills and the purchaser by Avison Young.

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