Aviva Investors Lime Property Fund completes sale-and-lease back deal with Next PLC Three Logistic Warehouse

(London) – Aviva Investors, the global asset management business of Aviva plc (‘Aviva’), announces that it has completed the acquisition of three logistics warehouses from Next plc (‘Next’) through its Lime Property Fund for a total commitment of £107m.

Warehouse

The three distribution units are located in South Elmsall, between Wakefield and Doncaster, and together total more than 110,000 sq m of floor space, forming a key part of Next’s national online storage and distribution capability.

As part of the acquisition, Aviva Investors will lease the units back to Next.

Renos Booth, Head of Real Estate Long Income at Aviva Investors, said:

“We are pleased to have acquired these assets and to have agreed on a sale-and-leaseback arrangement with Next, allowing access to a robust portfolio of warehouses, with a high-quality tenant. We believe that the logistics sector will continue to be resilient in the longer-term, as retail firms enhance their distribution capabilities. Our expectation is that these types of assets will therefore be strong contributors to performance in our portfolio.”

Launched in 2004, the Lime Property Fund is a long income real estate fund with a net asset value of £2.7 billion, as at 31 December 2019. The fund management team targets property investments that provide inflation-linked or fixed rental uplifts let to tenants on leases of over 15 years, cross-sector, UK wide. It has been recognised by MSCI as the most secure and least volatile fund in the MSCI quarterly UK real estate universe, most recently receiving the highest 10-year risk adjusted absolute return award in the UK from MSCI at its Annual UK Property Investment Performance Awards in 2019. 

For more information contact:

James Morgan

Media Relations Manager

Steve Ainger

Head of Media Relations

Rob Davies

Director of Investment and Client Communications

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Issued by Aviva Investors Global Services Limited, registered in England No. 1151805. Registered Office: St Helen's, 1 Undershaft, London, EC3P 3DQ. Authorised and regulated by the Financial Conduct Authority.

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Aviva Investors is the global asset management business of Aviva plc. The business delivers investment management solutions, services and client-driven performance to clients worldwide. Aviva Investors operates in 14 countries in Asia Pacific, Europe, North America and the United Kingdom with assets under management of £268 billion in assets under management as at 31 December 2021.

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Issued by Aviva Investors Global Services Limited, registered in England No. 1151805. 
Registered Office: St Helen's, 1 Undershaft, London, EC3P 3DQ. Authorised and regulated by the Financial Conduct Authority and a member of the Investment Association.

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