M&G Real Estate has completed the acquisition of a £94 mln (€107 mln) UK logistics portfolio from Mountpark Logistics EU, a developer of industrial and logistics property.
The deal, encompassing 666,000 sq ft (61,900 m2) of logistics space, was made on behalf of M&G Real Estate’s Capital Solutions clients.
The portfolio comprises five, recently developed buildings, all situated in key distribution locations with the largest parts of the portfolio in South East England and the strategically important Golden Triangle area in the Midlands. All units are fully-let with an average unexpired lease term of over 15 years.
Martin Towns, head of UK Commercial & Capital Solutions at M&G Real Estate, said: 'Investor demand for UK logistics assets remains robust, propelled by above average occupier demand, low vacancy levels and limited levels of new development so we don’t anticipate competition for assets moderating any time soon.'
'We are delighted to have completed this off-market transaction with M&G Real Estate. Mountpark speculatively developed and let all five properties over the last three years, and we are pleased they have attracted so much interest,' added Philip O’Callaghan, managing director, UK and Ireland Developments at Mountpark.
DTRE and CBRE acted on behalf of Mountpark.