Aberdeen Standard Investments, an asset management group, has acquired the Panattoni Basildon 117 building on behalf of the South Yorkshire Pension Authority for £23m.
Comprising 117,000 sq ft of warehouse space, the sale was completed in January 2021 and reflects a net initial yield of 4.3%.
With construction finalised in Q4 2019, the property has since been let to Swan Housing on a 15-year contract.
James McLean, fund manager at Aberdeen Standard, said: “We are pleased to have completed the acquisition of Basildon 117 from Panattoni on behalf of South Yorkshire Pension Authority.
“The industrial unit increases SYPA investment in Basildon where Swan Commercial Services are already an existing tenant. We remain committed to increasing exposure into the industrial sector.”
James Watson, development director at Panattoni, recognised that the deal “marks the end” for the company’s involvement in the project, but added that the firm remains “highly acquisitive” for more opportunities in the area.
The sale of the Basildon scheme came in the same week as Panattoni announced the development of a 360,000 sq ft logistics scheme in Bolton.
The scheme has already been pre-let to the delivery firm Hermes, who will use the site as its “flagship depot”.