Moorfield adds to logistics property portfolio
Private equity firm Moorfield has acquired two logistics sites: a 129,076 sq ft warehouse in Milton Keynes and a 111,000 sq ft distribution warehouse in Felixstowe.
The Milton Keynes site is let off a reversionary rent to Bong UK, one of Europe’s largest producers of speciality packaging and envelopes, on a 12 year lease with 6.5 years remaining, and serves as its UK headquarters.
The Felixstowe site was purchased via sale and leaseback from Indo European Foods. A new 20 year lease has been agreed with the tenant, one of the UK’s largest suppliers of rice, who has occupied the site for 15 years.
Charles Ferguson-Davie, chief investment officer at Moorfield Group, said: “These acquisitions fit with our investment strategy of acquiring circa £5m-£15m, single-let logistics assets in undersupplied locations, which offer significant reversionary potential through a range of asset management initiatives.
“Our ambition is to build a portfolio in excess of 1 million sq ft of logistics assets by the end of 2020,” he added.
