Pacific Industrial buys logistics warehouse in Leeds

Pacific Industrial & Logistics REIT completed the acquisition of a site on Bruntcliffe Way, Morley, Leeds on 6 March 2017 for a total consideration of GBP6.05m, representing a net initial yield of 8.3%. This site, along with the Park Road, Chesterfield logistics acquisition announced on 20 January 2017, have been mortgaged under terms agreed with the Company’s debt facility provider.

The acquisition is in line with the Company’s investment policy of recognising attractively priced stock with latent asset management opportunities, and is well situated adjacent to J27 of the M62, 5 miles from Leeds City Centre. It comprises a newly refurbished 62,000 sq ft logistics warehouse which has recently been let to Puma United Kingdom Limited and a car park facility with a lease in place to NewDay Cards Limited.

Christopher Turner, Property Director, commented: “We are delighted with both of our recent acquisitions, these are well-located regional logistics sites that offer the Company asset management opportunities. The site at Park Road, Chesterfield has registered strong occupier interest to date and we remain focussed on doing what is right for our investors and ensuring that the investment returns remain attractive.”

PILR : Pacific Industrial buys logistics warehouse in Leeds