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News Release

London

Industrial investment team completes one of the UK’s largest ever logistics forward funding deal

Gazeley’s Magna Park in Milton Keynes to be the main UK distribution hub for Waitrose


London, 6th June - The Industrial investment team have advised IDI Gazeley on a £114,050,000  forward funding deal of a distribution warehouse at Gazeley’s Magna Park in Milton Keynes, representing a record initial net yield of 4.64%. The 938,449 sq ft warehouse has been pre-let to Waitrose Ltd for 30 years with RPI uplifts and will become their main UK distribution hub due for completion in November this year. The asset has been acquired by Legal & General Pensions Ltd.
 
Led by David Emburey and Ben Gamble, this is the third forward funding deal completed at Magna Park for IDI Gazeley by the team. In September last year they achieved a then record yield on the forward funding disposal of a 670,000sq.ft warehouse let to John  Lewis Partnership to LIME Property Fund, at £76.4m, representing a net initial yield of 4.8%.
 
David Emburey, Director in JLL’s Capital Markets team commented: “JLL acted for Brookfield Property Group on the high profile acquisition of Gazeley in 2012, and since then we have worked on numerous significant logistics opportunities across our EMEA region further cementing our relationship. Magna Park is one of the most important logistics parks in the UK because of its access to London and the South East. ” ​