John Cutts’ Mountpark Logistics has sold its 277,089 sq ft Amazon-let distribution warehouse at Airport City Manchester to German asset manager Hansainvest for £34.8m.
The price reflects a yield of close to 4.5%. At the start of the year Mountpark let the shed to Amazon on a 15-year lease at a rent understood to be around £6 per sq ft.
The deal follows on from a sale by Mountpark in April of a 1.3m sq ft Amazon warehouse in Bardon, Leicestershire, to a Korean investor advised by BNP Paribas REIM, which paid £126m for the property – a 4.5% yield. The deal was the largest logistics transaction in UK history.
Mountpark has also recently bought the former Ford Transit plant in Southampton, where it plans to build a 450,000 sq ft scheme, and earlier this month also acquired a 20-acre site in Bristol, where it is speculatively building three units totalling 400,000 sq ft.
DTRE advised Mountpark. JLL advised the buyer.
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