Nothing underscores capabilities like specific examples of how we've solved problems and delivered value for our clients.
Sainsbury Supermarkets Distribution Unit, Dartford
Acting for AEW Europe and Tristan Capital, on behalf of the European Property Investors Special Opportunities Fund (EPISO), JLL completed the sale of one of the largest distribution facilities in the South East in 2011. RREEF on behalf of Malaysia’s Employees Provident Fund acquired the regional distribution centre in Dartford, Kent for £80 million, reflecting a net initial yield of 6.21%. The property is let to Sainsbury Supermarkets Limited with a total rental income of £5,253,990 a year for a term of 20 years, until April 2027. The tenant has recently completed a £25 million fit-out of the centre, to make it one of the company’s main distribution hubs. EPISO purchased the asset in January 2009 for £62 million.
JLL advised on the sale and leasebacks on behalf of Royal Mail, with 14 buildings being sold to date across the UK. Disposals have included mail centres and delivery offices, typically with 20 year FRI leases. Buyers have included institutions and private investors and in excess of £100million has been raised to date.
JLL'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.
The team advised on the second largest UK industrial portfolio in 2012. We advised SEGRO on the sale of a portfolio of four industrial estates to a fund advised by Harbert Management Corporation (Europe) LLC, for £204.5 million. The portfolio comprises their holdings at: Heywood Distribution Park in Rochdale, Trafford Park in Manchester and Kings Norton Business Centre and Meteor Park in Birmingham. The four estates total approximately 4.8 million sq ft of lettable space.
JLL advised L&G’s UK Property Income Fund on the purchase of the Fix UK trade counter portfolio, the UK’s largest portfolio of UK trade parks. It included 48 parks housing 273 units, located across the country from Aberdeen to Truro and totalling more than 1.6 million sq ft. The portfolio generates an annual rent roll of £10.23 million and has a weighted average unexpired term to earliest termination of 6.6 years. It was acquired for £115.9 million, at a yield of 8.7%.