Xpediator raises nearly £3m in sale and leaseback deal

Xpediator has secured nearly £3 million on the sale and leaseback of the former Nidd Transport distribution centre and HQ in Ripon, North Yorkshire, following the acquisition of the Yorkshire-based transport company last month.

The deal sees Nidd Transport taking a 15 year lease as part of a sale and leaseback arrangement with specialist property investor Urban Logistics which has paid £2.9 million for the 43,881 sq ft property.

The rent is £4.56 per sq ft and there is a five-yearly rent review linked to RPI with a cap and collar (2% – 4%). The unit is located on the Barker Business Park in Ripon, which is a well-established location adjacent to the A1(M).

Xpediator acquired Nidd Transport for £4.6 million with freehold property of its headquarters and warehouse valued at £2.1 million.

Established in 1984 Nidd specialises in daily express deliveries to mainland Europe by road with a focus on France, Spain, Portugal and Germany as well as providing distribution in the North of England.

Nidd generated revenue of £11 million and an operating profit of £500,000 during the year ended 30 April 2020. It employs 65 people.

The transaction was part of a slew of off market deals secured by Urban Logistics totalling some £33.1 m with a variety of companies.

Urban Logistics Chief Executive Richard Moffitt, said: “These acquisitions were sourced off-market and are in line with our strategy of focusing on well-located logistics properties that supply essential products and consumer goods.

Urban Logistics acquired another property let to Xpediator:  a modern distribution warehouse in Braintree Essex, let to Xpediator subsidiary Delamode Group The warehouse is subdivided into two units, and Urban Logistics paid £11.2 million. The two storey warehouse is let at £7.99 per sq ft through to 2025 and there is a rent review due in December 2020. The site is prominently located close to the A120.