Global sportswear company Puma has signed a lease agreement for Barwood Capital’s 261,000 sq ft ‘Super G’ speculative warehouse at Glasshoughton in Yorkshire.
Barwood Capital, through its Barwood Property 2017 Fund, and British Airways Pension Trustees acquired the site in July 2018 and speculatively developed the warehouse with development manager Tungsten Properties.
‘Super G’ is a prominent 13-acre site on Whistler Drive, Castleford just off junction 32 of the M62, south-east of Leeds. It forms part of the wider Glasshoughton colliery redevelopment site undertaken by Waystone.
PUMA has taken the newly built 24,248 sq m industrial warehouse for its national distribution centre on a 15 year lease at a rent of £5.75 per sq ft. The company has commenced a fit out of the building and taken occupation from 1 August 2019.
“With over 40 years’ presence in Yorkshire and with a valuable and loyal workforce of 125 it was our priority to find a new distribution hub which would sustain our existing business and facilitate our exciting future growth plans; in Super G we have identified an outstanding facility which meets both needs. PUMA is delighted to continue its association with Equites, and thanks Barwood Capital and Tungsten in delivering a first-class product,” said Simon Venediger, finance director, PUMA United Kingdom.
Following an unsolicited approach, the building has also been sold to South African specialist industrial REIT, Equites Property Fund. The price was £30.7 million at a net initial yield of 4.6%, with Barwood Capital successfully delivering another investment from site purchase, through development, to letting and ultimate sale.
CPP, Moriarty & Co and FSP acted on behalf of Barwood Capital and Tungsten Properties. Montagu Evans acted on behalf of PUMA. ACRE Capital Real Estate acted on behalf of Equites Property Fund. Bis Henderson’s Secure Start acted on behalf of PUMA as outsource service provider.