Moorfield Logistics Partnership (MLP), on behalf of Moorfield Real Estate Fund III and Moorfield Group, the UK real estate private equity fund manager, has acquired two modern and institutional quality logistics units in Huddersfield, West Yorkshire from Aviva Investors.
The acquisitions are the second investment into MLP, following the purchase of a £30 million logistics portfolio in the Midlands and North of England from M&G Real Estate in October 2016.
Unit one is 385,498 sq ft with good eaves height, a service yard and car parking provision and is let to Instore Ltd, which operates 340 stores across the UK including Poundstretcher and Ponden Mill.
Unit two is a 47,556 sq ft steel portal frame warehouse with good eaves height, a service yard and car parking provision and is let to the Council Borough of Kirklees.
Charles Ferguson-Davie, Moorfield Group CIO said: “We established the Moorfield Logistics Partnership to create a portfolio of industrial and logistics units that meet current occupier requirements.
“Both of these assets are of institutional quality with good covenants and are in line with our strategy to build a portfolio of good quality, well located, institutional grade logistics units where we can use our asset management capabilities and experience to bring further value to each asset.
“It has been well documented that there is a national shortage of good quality industrial and logistics units. Strong demand from occupiers for assets in the right locations and the undersupply mean that we see the potential for further rental growth in the sector.”
