Logistics

BentallGreenOak expands logistics portfolio

The sites combine to a total 2.18m sq ft of logistics space

BentallGreenOak, a global real estate investment management advisor, has acquired a portfolio of seven logistics assets from Morgan Stanley Real Estate Investing.

The transaction is due to be completed in March, while the purchase price reflects a stabilised yield of over 5.25%.

The portfolio, which comprises a combined 2.18m sq ft of logistics space, is spread across a number of “core logistics parks”, including Magna Park, Lutterworth, DRIFT, Hams Hall, and Warth Park.

Over four-fifths (81%) of the space is currently leased to a range of tenants such as Sainsbury’s, British Gas, DSV, and Clipper.

The deal represents a continuation of BentallGreenOak’s acquisition and development strategy, as it looks to capitalise on the “continued growth in occupational demand, fuelled by further ecommerce activity”.

News of the further expansion comes two weeks after the group announced the acquisition of a Suffolk-based logistics site.

Spanning 80-acres, the “strategically located” Orwell Logistic Park was bought by the firm in cooperation with Equation Properties for a sum of £80m.

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