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.