Legal & General Property, on behalf of the Industrial Property Investment Fund, has secured Norbert Dentressangle Logistics as a tenant at Centurion Park, Tamworth.
The French transport and logistics company has taken 141,800 sq ft on a 10-year lease at a rent of £673,408 per annum, equating to £4.75 per sq ft.
Other tenants at the park include NYK Logistics UK and AAH Pharmaceuticals.
The letting follows the recent announcement that the £728m fund has completed an £80m equity raise to explore further investment opportunities in the sector.
Launched in 1997, IPIF was one of the first indirect specialist real estate funds. It has returned 3.7% pa over five years and 8.2% pa over 10 years.
Jonathan Holland, fund manager of the IPIF at LGP, said: “Let on good lease-terms to a strong covenant, this letting provides IPIF with secure income, whilst offering an immediate capital uplift.”
Liz Dunsmore, leasing manager of the IPIF, added: “The letting has been especially significant for the fund as it represents 1% of the total current void, which now stands at 11.8% to the total Fund ERV.
“With over £1.4m let to date in Q2 this is the fund’s most successful quarter in terms of letting since it was launched, with a further £1m of space currently under offer.”
annabel.dixon@estatesgazette.com
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