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Monday, September 18, 2023

F&C; Property buys Trax Park in Doncaster for 22.5m

F&C; Property Asset Management has acquired Phases 1 and 2 of Trax Park in Doncaster, South Yorkshire, from clients of Smiths Gore for 22.5m. The deal reflects a net initial yield of 5.35%.

The 310,000 sq ft scheme comprises two units of 175,000 sq ft and 135,000 sq ft, which are both let to supply chain solutions company Wincanton at a total rent of 1,275,000 per annum on leases each with 16 years unexpired.

Chris Nicoll, Industrial/Distribution Asset Manager for F&C; Property said: "Trax Park is a modern, secure and well located distribution scheme, and Phases One and Two benefit from a strong covenant. The market leading distributors are looking further afield to the less traditional parks and regions with links to not only road but also rail and sea, and F&C; Property is following suit in order to acquire sound stock to achieve longer term solid returns."

F&C; Property Asset Management, advised by Atisreal UK, acted on behalf of Friends Provident Life Assurance Limited. Smiths Gore acted for a syndicate of private individuals co-ordinated by Tritax Assets Ltd.

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