Pacific Industrial & Logistics REIT (PILR) has announced that it has completed the acquisition of a modern 41,494 square foot logistics warehouse at Victoria Road, Seacroft, Leeds for a total consideration of £2.8 million. It says that the purchase price represents a net initial yield of 6.8% and the site has a rent of £5.00 per square foot, with reversionary potential. Richard Moffitt, CEO, says that the, “institutional-grade logistics property offers attractive asset management opportunities”. The Acquisition has been financed from the Company’s existing resources, following its placing in August 2017.
Well located asset, close to the A64
PILR says that the Victoria Road asset is well located to the north east of Leeds City Centre, close to the A64. It is let to Komori UK Limited and Pharmacy2u Limited on leases through to 2020 and 2022 respectively. Both have outstanding rent reviews.
Opportunities in the pipeline
PILR says that it continues to evaluate a number of high-quality opportunities in its pipeline and will deploy its capital, together with debt finance where appropriate, to fund acquisitions that meet its investment criteria.
About Pacific Industrial & Logistics REIT
Pacific Industrial and Logistics REIT invests in UK based industrial and logistics properties (typically single let). Investments will be in smaller industrial and logistics properties (with an average lot value across a portfolio at acquisition of less than £10m (increased by RPI from Admission)) across the UK.
Pacific Industrial & Logistics REIT purchases Leeds asset for £2.8m : PILR