Acquisition of Toyota’s national distribution centre in Magna Park

Block Industrial has completed the acquisition of a 195,000 sq.ft. distribution warehouse leased to Toyota and located in Magna Park, Lutterworth. The property was originally constructed for Toyota and serves as its national parts centre, supplying its dealerships, service centres and customers across the UK.

This is the third acquisition by Copley Point and Brookfield’s real estate secondaries business following Brookfield’s recap of the Block Industrial platform in April 2022. The other two purchases were a 220,000 sq.ft. unit in Telford leased to Schneider Electric, and a 97,000 sq.ft. asset in Milton Keynes leased to Beardow Adams. The properties are mission critical for the respective tenants and located in well-established logistics hubs.

The Block Industrial portfolio continues to grow while increasing its geographic weighting to the Midlands and South. It plans to add other key logistics locations across the UK with three further transactions at advanced stage.

Nimit Oberoi, Director at Copley Point Capital said:

We are pleased to have secured another high-quality property for our platform with Brookfield’s real estate secondaries business.

“Our joint venture partners have enabled Block Industrial to execute a variety of investment strategies in the logistics sector. With these three acquisitions and our strong pipeline we are on track to more than double the size of our portfolio in the coming months.”

Copley Point Capital was advised by Gerald Eve, Lewis Ellis, Cushman & Wakefield and CMS on the three add-on acquisitions.