DELIN CAPITAL BUYS MANCHESTER WAREHOUSE, NAMES ASSET MGMT HEAD
(The following press release from Delin Capital was received by e-mail. It was not confirmed by the sender.)
DELIN CAPITAL BUYS MANCHESTER WAREHOUSE FOR £13 MILLION
20 September 2013 – Delin Capital Asset Management, (‘DCAM’ or the ‘Company’), a Jersey registered real estate investment advisor and asset manager focused on investments in logistics assets in the UK, the Netherlands and Belgium, has today announced the acquisition of a distribution warehouse in Greater Manchester, UK. The property was acquired from Investec Bank PLC, in an off-market transaction for approximately £13 million representing a net initial yield of circa 7.3%.
Located on the Agecroft Commerce Park, the 20,500 sqm asset is fully leased to Bunzl Retail and Healthcare Supplies Ltd (‘Bunzl’) with a further 13.7 years remaining on the lease. The park is strategically located, benefiting from strong transport infrastructure to the east and west, via the M60 and M62 which also both provide access to the M6 motorway creating north/south communication links. The strength of its location has ensured the park is regarded as one of the leading industrial, manufacturing and distribution parks serving the Greater Manchester area, characterised by modern distribution units that have been developed over the past ten years.
This acquisition represents DCAM’s sixth purchase on behalf of its €400 million Capital Preservation Portfolio I, (‘CPP I’ or the ‘Fund’), the Company’s inaugural core plus logistics fund launched in October 2012, and its second in the UK and means it has now deployed circa €180 million of equity into the European logistics sector representing over 226,000 sqm of prime distribution space.
Since its launch, the Fund has made all acquisitions on a cash basis but is now aiming to introduce some modest leverage.
Christian Jamison, Chief Executive Officer of DCAM commented: “The UK market has become very competitive of late, but as a cash buyer we are strongly placed to execute transactions quickly. “This is a modern, well-let asset in a strong UK location and so we are very pleased to have secured it on behalf of the Fund through an off-market transaction.”
DCAM was advised by Deloitte and CMS.
DELIN CAPITAL ASSET MANAGEMENT APPOINTS STUART DAVIES AS HEAD OF ASSET MANAGEMENT
20 September 2013 – Delin Capital Asset Management, (‘DCAM’ or the ‘Company’), a Jersey registered real estate investment advisor and asset manager focused on the logistics sector in the UK, Belgium and the Netherlands, announces the appointment of Stuart Davies, as Head of Asset Management.
Stuart has over ten years of experience in logistics asset management across both the real estate and the retail sectors. He joins DCAM from his role as Asset Manager at John Lewis plc, where he was responsible for management of the business’s entire distribution network, four department stores and four partnership hotels. Prior to this, Stuart was Regional Director of Heathrow at SEGRO plc, responsible for the company’s £700 million Heathrow portfolio. Stuart has also held senior asset management positions at Brixton plc and at BAA Ltd.
Christian Jamison, Chief Executive Officer of DCAM commented: “With over €180 million of equity now invested in a high quality portfolio of logistics assets, I am delighted that we have been able to secure someone of Stuart’s calibre to head-up our asset management team. Stuart’s extensive and proven track record in logistics asset management will be invaluable to the future growth of the business as we remain committed to buying prime, modern assets in our core European target markets to provide CCP I’s investors with long-term income distribution combined with real capital preservation.”
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