Custodian REIT has acquired a 16,143 sq ft industrial unit at Glasgow International Airport let to DHL Global Forwarding (UK) Limited on a lease expiring on 31 March 2020. Net passing rent is £92,385 per annum, reflecting a net initial yield of 7.08%. Other logistics occupiers at the airport include UPS and Expeditors.
The agreed purchase price of £1.233m was funded from the Company’s existing credit facilities, with net borrowings following the acquisition of 17.2% loan to value.
CREI : Custodian REIT buys DHL warehouse