Fund managed by BlackRock Real Assets have acquired a Sainsbury’s distribution warehouse in Bedford from Legal & General for GBP90.5 million.
The 462,746 sq ft unit is let to Sainsbury’s on an unexpired lease term of 15 years with five-yearly RPI-linked uplifts subject to a floor of 2 per cent and cap of 4 per cent pa.
Claire Cierpka, Assistant Portfolio Manager at BlackRock Real Assets says: “The transaction is underpinned by strong fundamentals being a well-located, high quality asset in an attractive and resilient sector. The property meets our strategy given the long-dated and explicit inflation linked income it provides, secured against a strong covenant. We remain active in continuing to acquire logistics opportunities.”
Read more at: Private Equity Wire
