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Industrial Portfolio

GE Manufacturing Facility
Cramlington, Northumberland
Description
Headquarters office and manufacturing facility
Size
74,110 sq ft
Acquisition Structure
Pre-let forward funding
Date Acquired
March 2017
Rent Review
Retail Price Index
Tenant Guarantor
GE UK Group
Lease Term
20 years, without break
Stobart biomass storage and processing plant
Rotherham, Yorkshire
Description
Biomass storage and processing plant
Size
Six acres
Acquisition Structure
Built asset
Date Acquired
February 2018
Rent Review
Retail Price Index
Tenant Guarantor
Stobart Group Limited
Lease Term
20 years, without break
Stobart industrial facility
and HQ office

Widnes, Cheshire
Description
Substantial industrial facility to store and process biomass timber and headquarters office
Size
40 acres
Acquisition Structure
Built with construction elements (fully let)
Date Acquired
June 2018
Rent Review
Retail Price Index
Tenant Guarantor
Stobart Group Limited
Lease Term
22.5 years, without break
Brenntag Industrial Facility
Sunderland
Description
Storage and distribution facility
Size
18,500 sq ft
Acquisition Structure
Built asset
Date Acquired
August 2018
Rent Review
Retail Price Index
Tenant Guarantor
Brenntag UK Limited
Lease Term
25 years, without break
Johnson Matthey R&D Facility
Teesside
Description
R&D and office facility
Size
32,225 sq ft
Acquisition Structure
Built asset
Date Acquired
August 2018
Rent Review
Fixed uplifts of 2.5% pa
Tenant Guarantor
Johnson Matthey plc
Lease Term
22 years, without break
BCA logistics facility
Corby, Northamptonshire
Description
Substantial car storage facility
Size
121 acres
Acquisition Structure
Built asset
Date Acquired
October 2018
Rent Review
Retail Price Index
Tenant Guarantor
BCA Group Europe Limited
Lease Term
18 years, without break
Lease Regear
In June 2020 the lease was extended to 25 years and RPI collar of 1.5% pa and cap of 2.5% pa was inserted
Disposal
In November 2020 The Company completed the sale of it’s BCA facility in Corby for £68 million, reflecting a low exit yield of 4.45%, to a UK pension fund.  The sale price represents an 11% premium to the latest book value of £61 million (31 March 2020) and generates an attractive geared 14% pa IRR.
Belden Inc. industrial facility
Newbury, Berkshire
Description
Headquarters office, production and storage facility
Size
101,377 sq ft
Acquisition Structure
Built asset
Date Acquired
November 2018
Rent Review
Retail Price Index
Tenant Guarantor
Belden Inc.
Lease Term
17 years, without break
National Express Group industrial facilities
Yardley Wood and West Bromwich, Birmingham
Description
Two bus storage industrial facilities
Size
93,000 sq ft and 102,000 sq ft
Acquisition Structure      
Built
Date Acquired      
December 2018
Rent Review      
Retail Price Index
Tenant Guarantor
West Midlands Travel Limited/National Express Group plc
Lease Term      
25 years, without break
Disposal
Following an unsolicited approach, the Company sold the Yardley Wood property to a specialist REIT in February 2020.  The sale generated a 36% pa geared IRR for the Company and reflected a 34% premium to purchase price and a 13% premium to latest book value
Veolia
Poole, Dorset
Description
Purpose built waste management facility
Acquisition Structure
Sale and leaseback
Date Acquired
July 2019
Rent Review
Retail Price Index
Tenant Guarantor
Veolia ES (UK) Limited
Lease Term
20 years, without break
Midlands Truck and Van Limited
Smethwick, Birmingham
Description
Purpose built servicing and sales centre for Mercedes commercial vans and trucks
Acquisition Structure
Pre-let forward funding
Date Acquired
October 2019
Rent Review
Retail Price Index
Tenant Guarantor
Ballyvesey Holdings Limited
Lease Term
30 years, with a break in year 20
Gestamp Tallent Limited
Newton Aycliffe, Durham
Description
Modern purpose built industrial warehouse
Size
178,617 sq ft
Acquisition Structure
Built asset
Date Acquired
August 2019
Rent Review
Retail Price Index
Tenant Guarantor
Automotive Chassis Products UK Limited (part of the Gestamp Automocion SA group)
Lease Term
25 years, without break
Bombardier facility
Biggin Hill Airport, South East London
Description
Purpose built high spec facility for the maintenance, repair and overhaul of business jets immediately adjacent to the airport runway
Size
232,000 sq ft facility with an additional 650,000 sq ft of apron area and surrounds
Acquisition Structure
Pre-let forward funding
Date Acquired
November 2019
Rent Review
Fixed uplifts of 2.5%
Tenant Guarantor
Bombardier Inc.
Lease Term
35 years, without break