LONDON, 6 August 2014 – CBRE Global Investors has completed the purchase of the Unilever Distribution Facility in West Thurrock for GBP18.15 million.
This transaction is on behalf of the CBRE UK Property Fund – the principal pooled fund of CBRE Global Investors UK – which invests throughout the UK on behalf of both UK and continental European institutional investors and has a portfolio of GBP568 million.
The 192,236 sq ft distribution property is leased to Unilever until Aug 2019, and is located in a prime Distribution location being less than 1 mile from the M25 motorway to the east of London, and also less than 1 mile from one of Unilever’s main European production facilities.
The income yield at purchase is 6.8% after allowance for costs.
Commenting on the transaction, Matthew McDonald, Fund Manager of UKPF, said: “We are delighted to have completed our first purchase since the merger with the CBRE UK Property Income Fund earlier this year [January 2014]. Having received a number of new subscriptions, and with the benefit of sale proceeds, we have been keen to acquire assets which are well-located within their market and offer attractive levels of income which are likely to be enduring. The Unilever facility meets these criteria, and has great potential for further income growth.”
CBRE Global Investors was advised by MacLaren & Partners LLP.
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About CBRE Global Investors
CBRE Global Investors is a global real estate investment management firm with $90.2 billion in assets under management* as of March 31, 2014. The firm sponsors investment programs across the risk/return spectrum for investors worldwide.
CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBG). It harnesses the research, investment sourcing and other resources of the world’s premier, full-service commercial real estate services and investment company for the benefit of its investors. CBRE Group, Inc. has approximately 44,000 employees in approximately 350 offices (excluding affiliates) worldwide. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com.
*Assets under management (AUM) refers to fair market value of real estate-related assets with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice, and which generally consist of properties and real estate-related loans; securities portfolios; and investments in operating companies, joint ventures and in private real estate funds under its fund of funds program. This AUM is intended principally to reflect the extent of CBRE Global Investors’ presence in the global real estate market, and its calculation of AUM may differ from the calculations of other asset managers. CBRE Global Investors (UK Funds) Limited is authorised and regulated by the Financial Conduct Authority