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InfraRed Capital Partners has been confirmed as the new owners of a large urban logistics asset in Rotherham – the Parcelforce depot at Templeborough.
Rothbiz reported in June that LondonMetric had completed the £13.3m disposal of a large warehouse at a net initial yield of 5.0%.
The 152,000 sq ft regional distribution warehouse was acquired in 2014 for £10.3m and is let to the Royal Mail Group (Parcelforce) for a further eight years at a rent of £4.70 psf.
The site is the largest and busiest Parcelforce depot in the UK, handling c. 20,000 parcels per day.
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The asset has been added InfraRed Urban Logistics Income Fund (IULIF), which targets high-quality urban logistics assets located within a 20-minute drive time of the UK’s top 10 city centres. The Fund is seeking to capitalise on the growing demand/supply imbalance that exists in favour of owners of urban logistics assets in city fringe locations, and which is anticipated to accentuate as e-commerce and urban decentralisation activities continue to expand.
Dean Harrison, investment director at InfraRed Capital Partners, said: “Located within a short drive of Sheffield city centre and benefitting from immediate access to the M1 motorway, the unit’s suitability for e-commerce driven occupiers has underpinned the investment rationale. We continue to see our urban logistics assets benefit from densification trends and the accelerating adoption of e-commerce among consumers, particularly in the wake of COVID-19.
“We will look to expand our urban logistic holdings in the UK and Western Europe throughout 2020 and beyond with substantial capital available for deployment.”
InfraRed Capital Partners website
Images: InfraRed Capital Partners
