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News Release

Birmingham

Scottish Widows Investment Partnership Property Trust acquires prime distribution asset in Northampton for £27.525m


Birmingham 12th January 2010 – Acting on behalf of Scottish Widows Investment Partnership Property Trust, Jones Lang LaSalle has acquired the freehold interest of a prime distribution warehouse located on Swan Valley Park, Northampton for £27.525 million from PMB Holdings Ltd. The price reflects a net initial yield of 6.73%.

Located adjacent to Junction 15a of the M1 motorway and also to the A43 dual carriageway, the 331,568 sq ft facility is let to WM Morrison Supermarkets plc on a term expiring in 2023. The total passing rent is £1,957,232 per annum equating to a base rent of £5.38 per sq ft.

Ed Gamble, head of Jones Lang LaSalle’s National Investment team in Birmingham, commented: “This high quality distribution warehouse, which is well let to WM Morrison, one of the UK's big four supermarket operators, represented an ideal opportunity for our client to acquire an excellent mix of income length and covenant strength in one of the most sought after distribution locations in the country.”

The modern distribution facility comprises a warehouse with 12 metre eaves, 44 dock level and 10 level access doors, along with high quality office accommodation, a vehicle maintenance unit and extensive car parking. The site extends to 21.65 acres (8.76 hectares) with a density of 37%.
PMB Holdings Ltd was advised jointly by M3 Agency and Phillips Roth & Co.

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