Global property group, Goodman today announced that it has acquired a 146,491 sq ft warehouse and distribution centre in Rugby, West Midlands, through its UK joint venture with CB Richard Ellis Realty Trust.
The warehouse and distribution centre was developed in 2000 and is fully leased until 2016 to one of the world’s leading suppliers of mail and logistics services, which operates the facility on behalf of a national health services organisation.
The property is strategically located in the “Golden Triangle” distribution region of the West Midlands, with good access to the M1 and M6 motorways and is capable of servicing the majority of Great Britain within four-hours by road.
Charles Crossland, Managing Director for Goodman UK Logistics, said: “This property meets the criteria of being a prime asset, in a great location, with excellent connectivity. Strategic relationships with leading global investor groups, such as CB Richard Ellis Realty Trust deliver on our key objective of sourcing third party capital to help grow our logistics portfolio in the UK.”
Philip L. Kianka, Executive Vice President and COO of CB Richard Ellis Realty Trust, said: “This acquisition strengthens our relationship with our UK joint venture partner and expands our holdings in the region. Property in the UK continues to be an attractive investment alternative and the industrial sector still offers reasonable values.”
He continued: “We are pleased to be working with our new customer, who is actively involved in enhancing the property with a new mezzanine, sprinkler system and additional parking.”
Goodman established the UK co-investment joint venture vehicle with CB Richard Ellis Realty Trust in June 2010. The partnership invests in pre-committed logistics development opportunities, funded on an 80/20 basis, with CB Richard Ellis Realty Trust holding the majority share. The joint venture vehicle is committed to targeting a total investment of £400 million over an initial investment term of three years.