Pacific REIT acquires Leeds site for £6m
Real estate investment trust Pacific Industrial & Logistics REIT announced on Tuesday that on 6 March, it completed the acquisition of a site on Bruntcliffe Way, Morley, Leeds for a total consideration of £6.05m, representing a net initial yield of 8.3%.
The AIM-traded firm said the site, along with the Park Road, Chesterfield logistics acquisition announced on 20 January, were mortgaged under terms agreed with the company's debt facility provider.
It said the acquisition was in line with its investment policy of recognising attractively priced stock with latent asset management opportunities, and was well situated adjacent to junction 27 of the M62, five miles from Leeds city centre.
The property comprises a newly refurbished 62,000 sq ft logistics warehouse which was recently let to Puma United Kingdom, and a car park facility with a lease in place to NewDay Cards.
“We are delighted with both of our recent acquisitions, these are well-located regional logistics sites that offer the company asset management opportunities,” said property director Christopher Turner.
“The site at Park Road, Chesterfield has registered strong occupier interest to date and we remain focussed on doing what is right for our investors and ensuring that the investment returns remain attractive.”