- What Equites Property Fund has bought a warehouse in Glasshoughton
- Why 261,000 sq ft unit has been let to Puma
- What next Puma has already taken occupation
Equites Property Fund has the 261,000 sq ft Super G warehouse in Glasshoughton, Yorkshire for £30.7m.
The South African REIT has agreed a price that reflects a yield of 4.6%with Barwood Capital. Super G was funded using capital from Barwood Capital’s Barwood Property 2017 Fund and the British Airways Pensions Trustees and development managed by Tungsten Properties.
Puma agreed a 15-year lease at a rent of £5.75 per sq ft and moved into the building at the start of the month.
Andrea Taverna-Turisan, chief executive of Equites Property Fund said: “We are very pleased with another high-quality acquisition which contributes to the quality of our existing portfolio in the UK. Equites is eager to build on our existing relationship with PUMA as the group already houses its head office and lead distribution facility in sub-Saharan Africa and looks forward to growing this relationship moving forward.”
Simon Venediger, finance director, PUMA United Kingdom said: “With over 40 years’ presence in Yorkshire and with a valuable and loyal workforce of 125 it was our priority to find a new distribution hub which would sustain our existing business and facilitate our exciting future growth plans.”
ACRE Capital Real Estate acted for Equites Property Fund. CPP, Moriarty & Co and FSP acted for Barwood Capital and Tungsten Properties. Montagu Evans acted for PUMA.
