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Case Study

UKLF

UKLF

Jones Lang LaSalle’s National Investment team advised on the sale of the UK Logistics Fund (UKLF) to a joint venture between SEGRO and Moorfield for £312.2 million.

UKLF is owned by Legal & General, Hermes and LaSalle Investment Management. Former King Sturge LLP advised on its launch in 2006.

The portfolio comprises 14 sheds and a development site in 12 locations, 70% of the income is located in the South of England. The accommodation totals 4.4 million sq ft, with a passing rent of £19.8 million. The weighted average lease length to break is over 11 years.

Tenants include Tesco, Sainsbury's, GKN Aerospace, Royal Mail, Booker and Exel UK. The portfolio was sold for £312.2 million, reflecting a net initial yield of 6.0% (6.3% with rent top-ups). The sale was achieved with the assistance of building consultancy and asset management, who managed the portfolio.

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