Warehouses look hot property, as investor makes £45m acquisition
Warehouses looked to be hot property on Monday, boosted by the lockdown online shopping boom, as an investor inked a £45 million deal for a portfolio of sites.
Eskmuir Properties said it has bought the portfolio from Legal & General’s industrial property investment Fund.
It comprises eight sites spread across the UK, that is let to 78 tenants, including Screwfix and kitchen supplier Howdens.
Paul Hodgson, managing director of Eskmuir, said: “We are always looking at ways to deliver strong returns to our investors. The Lunar Portfolio is a great opportunity to increase our weighting in industrial assets, a sector which is continuing to benefit from the rise in e-commerce and the need for storage space.”
A number of warehouse landlords have seen retailers seek more logistics space to cope with a wave of new online shoppers won during the pandemic.
According to property agent CBRE, take-up of UK logistics space in 2020 exceeded that of any other year on record, with take-up for the year totalling 42.97 million sq ft.
The figure is 69% higher than 2019, which saw take-up totalling 25.38m sq ft.
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