Melburg closes 560,000 sq ft off-market Wakefield double
Following the acquisition of the 350,000 sq ft Sirdar Business Park, Melburg Capital Ltd [Melburg] announce the off-market acquisition of Wakefield 41, a 210,000 sq ft single-let industrial asset located within Wakefield’s premier industrial park.
The deal was agreed with a private family office, Melburg’s ninth acquisition within the last 12 months, taking their total spend to over £850m as the highly discreet privately owned real estate investment and development company continues to increase its logistics’ presence.
The unit is single let to YM Chantry, part of the York Mail Group for a further 13 years and subject to RPI linked rent reviews. The price reflects a net initial yield of approximately 8.50%. The unit is adjacent to junction 41 of the M1 and houses the largest Coca-Cola bottling plant in Europe along with several large-scale occupiers including Morrisons, YPO and Menzies.
Jack Burgess, Chief Executive of Melburg commented; “The asset is located within the most established industrial park in West Yorkshire, where availability remains below 2.8%. The data points are incredibly strong for continued rental growth and supply shortages. We remain committed to selectively deploying capital as our industrial platform, which now exceeds 2 million sq ft, continues its organic growth”
Harris Associates acted on behalf of Melburg. BOS LLP and Freedman + Hilmi LLP provided legal and structuring services.
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