European commercial property investment firm Blackbrook Capital (Blackbrook), has acquired a cross-dock logistics facility in the Glasgow City region in Scotland. The transaction price was not disclosed.
The 274,000 square-foot facility is located approximately 10 miles from Glasgow city centre, and is 100% occupied by Sainsbury’s, the second largest grocery retailer in the UK, subject to a long-term net lease.
The company said purpose built for Sainsbury’s, the facility is a strategic distribution hub which not only serves the Scottish market but also Northern Ireland and the North of England.
The logistics facility in Scotland features all the core specifications required to meet the needs of cross-dock logistics occupiers as well as benefitting from close proximity to transport corridors and a major urban centre. In addition, the site generates its own wind power.
Brodies acted as Blackbrook’s legal advisor and JLL as real estate advisor.
“We remain focused on investing in mission-critical properties where we see long-term value in the real estate and the occupier demonstrates a strong credit profile. This facility reflects our strategy well with an established long-term tenant operating in a defensive sector, together with a quality logistics asset that forms a key component of their regional distribution network. We look forward to building our portfolio in the UK as an important component of our pan-European platform,” said Arvi A. I. Luoma, Co-Founder & CEO of Blackbrook.