Aberdeen Standard Investments has bought a 117,000 sq ft shed in Basildon, Essex, from Panattoni for £23.3m – a 4.3% yield.
The Basildon 117 building, bought on behalf of the South Yorkshire Pension Authority, was completed in Q4 2019 and is let to modular home business Swan Housing on a 15-year lease. Swan plans to turn the building into its new HQ. It already occupies the adjacent building, also owned by ASI.
James Watson, development director at Panattoni, said that the sale marked the end of its business plan for the Basildon project but that it remained “highly acquisitive” for more development opportunities in the South East.
ASI fund manager James McLean added: “This industrial unit increases SYPA investment in Basildon where Swan Commercial Services is already an existing tenant. We remain committed to increasing exposure into the industrial sector.”
JLL acted for Panattoni; Burbage Realty advised ASI.
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