Global sportswear company Puma has taken Barwood Capital’s 261,000 sq ft ‘Super G’ speculative warehouse at Glasshoughton, near Castleford in Yorkshire.
The building has been taken on a 15-year lease at a rent of £5.75 per sq ft. The company has commenced a fit out of the building and taken occupation from 1 August 2019.
Barwood Capital, through its Barwood Property 2017 Fund, and British Airways Pension Trustees acquired the 13-acre site in July 2018 and speculatively developed the warehouse with development manager Tungsten Properties.
Simon Venediger, finance director, Puma United Kingdom said: “With over 40 years’ presence in Yorkshire and with a valuable and loyal workforce of 125 it was our priority to find a new distribution hub which would sustain our existing business and facilitate our exciting future growth plans.”
Following an unsolicited approach, the building has also been sold to South African specialist industrial REIT, Equites Property Fund. The price was £30.7 million at a net initial yield of 4.6 per cent, with Barwood Capital successfully delivering another investment from site purchase, through development, to letting and ultimate sale.
CPP, Moriarty & Co and FSP acted on behalf of Barwood Capital and Tungsten Properties. Montagu Evans acted on behalf of PUMA. ACRE Capital Real Estate acted on behalf of Equites Property Fund. Biz Henderson’s Secure Start acted on behalf of PUMA as outsource service provider.