Custodian REIT as acquired a 92,672 sq ft distribution unit on Centrum 100 Business Park, Burton upon Trent, located close to the A38 and A50 with links to the M1, M6 and M42.
Nearby occupiers include Boots, DHL, Clipper Logistics and Palletforce. The unit is let to Kings Road Tyres and Repairs Limited on a lease expiring on 26 July 2031, subject to a tenant's option to break in 2021.
Current passing rent is £509,696 per annum reflecting a net initial yield of 6.77%.
The agreed purchase price of £7.06 million was funded from the company's existing debt facilities, resulting in net gearing increasing to 22.6% loan to value.