Aviva Investors has acquired a distribution centre let to a major global online retailer from Exeter Property Group for £44m as part of its continued investment into high quality, long income UK real estate.
The newly constructed, state of the art 359,000 sq ft unit is located at Logistics North, in Bolton, one of the North West’s premier logistics parks, and will act as a key internet fulfillment centers in the region. The property benefits from a 15-year lease to the e-commerce company with inflation-linked rent reviews.
The Aviva Investors Long Income team manages a range of mandates, with more than £4bn of assets under management, and targets property investments let to strong tenants on leases with inflation-linked or fixed-rental uplifts and lease terms of 15 years plus.
Luke Layfield, Assistant Fund Manager, Aviva Investors said:
“This purchase is ideally suited to our investors’ requirement for secure, long-term and inflation-protected cash flows given the strength of the investment-grade tenant, coupled with the high quality of the real estate within a sector benefiting from continuing strong fundamentals. Aviva Investors is actively investing in such long income property as we continue to grow our platform.”