Prologis, Inc., the global leader in logistics real estate, today announced that, on behalf of two pan-European managed ventures, it has completed the sale of a 400,000 square foot portfolio of UK logistics properties to the London Pensions Fund Authority, a client of Knight Frank Investment Management.
The portfolio comprises three distribution buildings at Apex Park in Daventry, Northamptonshire. The properties are fully leased, and the weighted average unexpired lease term is five years.
“We are delighted that this portfolio has attracted so much interest,” said Andrew Griffiths, managing director, Prologis UK “The buildings are in a good logistics location and we are pleased to have completed the transaction.”
“We are pleased to have completed this first acquisition for a new client allocation to core income-producing UK assets,” said John Styles, Partner, Knight Frank Investment Management. “The investment will provide a healthy income return, and we expect some growth from affordable current rental levels.”
Prologis owns and manages approximately 23 million square feet of logistics and distribution space in the UK as of June 30, 2016.
Knight Frank Investment Management manages UK assets of £1.3 billion for domestic and overseas clients and has a further £450 million of active investment requirements.