Industrial Portfolio

GE Manufacturing Facility
Cramlington, Northumberland
Description
Headquarters office and manufacturing facility
Purchase Price
£11.08 million
Net Initial Yield
5.75%
Size
74,110 sq ft
Acquisition Structure
Pre-let forward funding
Date Acquired
March 2017
Rent Review
Retail Price Inflation (RPI)
Tenant/Guarantor
GE UK Group
Lease Term
20 years, without break, from completion of construction works
SIG Manufacturing Facility
Carlisle, Cumbria
Description                                        
Manufacturing facility
Purchase Price                                 
£9.3 million                   
Net Initial Yield                               
7.0%
Size                                                       
248,333 sq ft
Acquisition Structure                    
Built asset
Date Acquired                                  
June 2017
Rent Review                                     
Retail Price Inflation (RPI)
Tenant/Guarantor
SIG (Trading) Limited                         
Lease Term                                        
25 years unexpired, with no break
Disposal
The Company sold the Property to a UK pension fund in August 2018. The sale generated a 39% geared IRR and reflected a 31% uplift on acquisition price.
Stobart biomass storage and processing plant
Rotherham, Yorkshire
Description
Biomass storage and processing plant
Purchase Price
£3.4 million
Net Initial Yield
6.20%
Size
Six acres
Acquisition Structure
Built asset
Date Acquired
February 2018
Rent Review
Retail Prices Inflation (RPI)
Tenant/Guarantor
Stobart Biomass Products Limited/Stobart Group Limited
Lease Term
20 years unexpired, with no break
Stobart industrial facility
and HQ office

Widnes, Cheshire
Description
Substantial industrial facility to store and process biomass timber and headquarters office
Purchase Price
£25.5 million
Net Initial Yield
5.50%
Size
40 acres
Acquisition Structure
Built with construction elements (fully let)
Date Acquired
June 2018
Rent Review
Retail Prices Inflation (RPI)
Tenant
Stobart Group Limited
Lease Term
22.5 years unexpired, with no break
Brenntag Industrial Facility
Sunderland
Description
Storage and distribution facility
Purchase Price
£4.9 million
Net Initial Yield
5.4%
Size
18,500 sq ft
Acquisition Structure
Built asset
Date Acquired
August 2018
Rent Review
Retail Price Inflation (RPI)
Tenant
Brenntag UK Limited
Lease Term
25 years unexpired, with no break
Johnson Matthey R&D Facility
Teesside
Description
R&D and office facility
Purchase Price
£6.65 million
Net Initial Yield
6.2%
Size
32,225 sq ft
Acquisition Structure
Built asset
Date Acquired
August 2018
Rent Review
Fixed uplifts of 2.5% pa
Tenant/Guarantor
Tracerco Limited/Johnson Matthey plc
Lease Term
22 years unexpired, with no break
BCA logistics facility
Corby, Northamptonshire
Description
Substantial car storage facility
Purchase Price
£60 million
Net Initial Yield
5.25%, rising to 6.0% at the next rent review
Size
121 acres
Acquisition Structure
Built asset
Date Acquired
October 2018
Rent Review
Retail Price Inflation (RPI)
Tenant/Guarantor
BCA Group Europe Limited
Lease Term
18 years unexpired, with no break
Belden Inc. industrial facility
Newbury, Berkshire
Description
Headquarters office, production and storage facility
Purchase Price
£17.2 million
Net Initial Yield
5.5%
Size
101,377 sq ft
Acquisition Structure
Built asset
Date Acquired
November 2018
Rent Review
Retail Price Inflation (RPI)
Tenant/Guarantor
Belden Inc.
Lease Term
17 years unexpired, with no break
National Express Group industrial facilities
Yardley Wood and West Bromwich, Birmingham
Description
Two bus storage industrial facilities
Purchase Price      
£11.7 million
Net Initial Yield    
5.7%
Size
93,000 sq ft and 102,000 sq ft
Acquisition Structure      
Built
Date Acquired      
December 2018
Rent Review      
Retail Price Inflation (RPI)
Tenant/Guarantor    
West Midlands Travel Limited/National Express Group plc
Lease Term      
25 years unexpired, with no break