Thu, 14 Apr 2022 | BUSINESS SALE
A Tesco Distribution Centre in Avonmouth has been sold by Roebuck Asset Management in an off-market sale worth over £102 million. The deal ends a successful hold period of the property for Roebuck, after it acquired the site in 2017 for £71.5 million on behalf of a consortium of institutional investors from South Korea and Capstone Asset Management.
The site, which serves over 400 Tesco supermarkets and convenience stores across South Wales and the South West of England, is a temperature-controlled facility covering 540,000 sq ft. The sale, to an unnamed buyer, comes amid a rapidly accelerating race to acquire UK logistics space.
Roebuck Managing Partner Hugh Macdonald-Brown commented: "The sale of Tesco Avonmouth has delivered our Korean investors significant out-performance following a four and-half-year hold period producing total annual return in excess of 16 per cent.”
Roebuck is a subsidiary of Bahrain-based financial investment group GFH Financial. With GFH’s backing, Roebuck is seeking to continue growing its assets under management (AUM), targeting new acquisitions this year valued at around $500 million (£380.6 million).
Hugh Macdonald-Brown said: "It was fantastic to work with Capstone on another successful investment and the intention is to hopefully find new projects to work on together. Roebuck is actively pursuing opportunities to recycle capital from these sales for either UK and European logistics assets."
GFH co-Chief Investment Officer and Roebuck Board Member Nael Mustafa added: “We’re pleased to announce this important exit by Roebuck of one of the prime logistics assets in the portfolio. The strategy to sell the Tesco distribution centre is in line with Roebuck’s plans to continue to build on its already very strong track record. We look forward to announcing new transactions with Roebuck within the European logistics marketplace."
One of the best ways to find properties below market price is to look at recent administrations.
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