UK private equity real estate investor Henley has completed the freehold sale of a 48,000 sq ft specialist logistics warehouse, at Newhouse Industrial Estate near Glasgow, to an unnamed buyer for £4.15 million.
The site comprises a purpose built single-storey distribution unit complete with two floors of office accommodation. The property is currently leased to UPS Limited, the world’s largest express carrier and package delivery company, on a 15-year full repairing and insuring lease which expires in 2020.
Henley acquired the asset as part of the Deep Value portfolio and Chief Executive Ian Rickwood says the sale is good news for investors.
“We are particularly pleased with the success of the sale, which has resulted in a strong IRR (15%) for our investors and is testament to our proven asset management and disposal strategy.”
Newhouse Industrial Estate is located in north Lanarkshire, 16 miles from Glasgow city centre. The site provides immediate access to the M8 which connects Glasgow to Edinburgh.
Cushman & Wakefield acted for Henley, which currently has around £600 million of assets under its management.