Investec Property - Manchester, Agecroft Commerce Park

Date: 28 Nov 2011

Investec acquires prime distribution centre in Greater Manchester for £10.8m

Investec Property, part of Investec plc, has completed the acquisition of a national distribution facility in Greater Manchester for a sum of £10.8 million. The 221,517 sq ft property is part of Agecroft Commerce Park, a prime manufacturing and distribution centre, located three miles north-west of Manchester.

The property forms the national distribution centre for Bunzl Retail and is currently let to Bunzl Retail & Healthcare Supplies Limited on a lease expiring on 31 March 2027, subject to a break option on 31 March 2017 and at a rent of £975,000 per annum. The lease is guaranteed by Bunzl plc, a FTSE 100 company. The property was built in 2003 and comprises a modern, high specification distribution warehouse.

Crispin Gandy, Investec Property said, "This is an attractive deal for Investec as it offers the potential to add value to a prime asset, whilst being underpinned by sound occupational fundamentals. We expect 2012 to be an interesting year for further acquisitions as markets continue to adjust to the economic uncertainty."

Investec has significant international advisory and management experience in the real estate sector. Since 2007, Investec has along with GLL Real Estate Partners co-managed the Investec GLL Special Opportunities Real Estate Fund, an international closed ended commercial property fund, with investments made in the United Kingdom, Europe and the United States, amongst other jurisdictions. In South Africa, Investec Property has recently listed the Investec Property Fund on the Johannesburg Stock Exchange, with commercial assets under management of over R2.0 bn.

Knight Frank acted for Investec and Jones Lang LaSalle advised the Aegon UK Property Trust.

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