Harworth has completed the acquisition of Catalyst, a 285,000 ft2 urban logistics estate in Rotherham, South Yorkshire.
The £43.7 mln (€52 mln) purchase price reflects a net initial yield of 5.4%.
The asset, completed in 2023, is located adjacent to the Group’s flagship industrial development and major UK manufacturing hub, the Advanced Manufacturing Park. Comprising of five units, the scheme is currently 90% let to a diverse range of occupiers, with a WAULT of 6.6 years to break and 10.1 years to expiry.
Harworth is confident of securing a letting for the final 28,000 ft2, and when fully let the scheme will generate £2.5 mln of annualised rent.
The acquisition is in line with Harworth’s strategy to grow its Investment Portfolio to £0.9 bn by the end of 2029 and transition its core portfolio to 100% Grade A by 2027. Following this acquisition, alongside practical completion of a further 73,000 ft2 of Industrial & Logistics space at the AMP earlier this month, the Group’s Investment Portfolio will total 2.8 million ft2.
Lynda Shillaw, Chief Executive of Harworth, commented: 'This acquisition, the largest of an Industrial & Logistics investment asset in Harworth’s history, aligns with our strategy to grow our high-quality Investment Portfolio. It also continues our track record of strategic site assembly, providing an opportunity to extend the AMP, further establishing it as one of the leading manufacturing and distribution centres in the region.'
