Block Industrial Acquires UK logistics assets for £36 million
12 October 2020
Block Industrial, a recently formed joint venture amongst Copley Point Capital Ltd (“Copley Point”) and Davidson Kempner European Partners LLP (“DKP”), announces the acquisition of three logistics assets located in Ripon, Bury St Edmunds and Bristol, totalling 414,800 sq. ft, for approximately £36 million.
This constitutes Block Industrial’s first three transactions since its launch earlier this year and supports the stated strategy of acquiring single-tenant commercial properties, which will generate stable, long-term income for investors.
The Ripon asset was built in 2001 and is let until 2026 to Wolseley UK Ltd, a wholly owned subsidiary of Wolseley Group Holdings Ltd, a specialist distributor of plumbing, heating, and cooling products. The property comprises of 214,500 sq. ft of logistics space with additional 7,300 sq. ft of office and is located on Barker Business Park, 1.5 miles from the A1 road and 28 miles from Leeds. The warehouse is used to supply Wolseley Group’s branch network in Scotland, Northern Ireland, Northern England, large sections of the Midlands and North Wales.
The Bury St. Edmunds asset was built in 2008 and is let until 2029 to Dorel (UK) Ltd and Maxi Miliaan B.V., both being wholly owned operating subsidiaries of the juvenile division of Dorel Industries Inc. The property comprises of 134,800 sq. ft of logistics space with additional 6,600 sq. ft of office and is located on Saxham Business Park, adjacent to A14 and 3 miles west of Bury St Edmunds. Dorel UK imports and distributes child safety, nursery products and accessories. Maxi Miliaan manufactures and distributes infant car seats, which are marketed under Maxi-Cosi brand.
The Bristol asset was built in 1975 and refurbished 2020. It is let until 2035 to Selco Trade Centres Ltd. Selco is a trade-only builders’ merchant with 68 retail warehouses across England and Wales, ultimately owned by Grafton Group Plc. The property comprises of 41,900 sq. ft of logistics space with additional 8,200 sq. ft of covered yard and is located on Cater Business Park in Bristol, approximately 4 miles from the city centre. It serves as one of Selco’s retail warehouses.