Industrial developer and asset manager, Chancerygate, has acquired a portfolio of five distribution centres from mail, parcels and logistics operator, DX Network Services for £4.5m.
The properties total 76,487 sq ft and are located in Northampton, Basildon, Nottingham, Rotherham and Thatcham, and have all been leased back to DXNS on varying lease lengths.
Chancerygate’s Head of Asset Management, Rory Finnan, comments: “This was an opportunity for Chancerygate to acquire, using funds from our own balance sheet, a portfolio of properties from DX which form part of their operational network of distribution depots throughout the UK.
“The assets are all in well-established distribution locations and provide the opportunity for asset management and value enhancement through refurbishment as and when leases fall due for expiry. In the meantime, they provide an excellent running yield on our equity deployed.”
Tudor Toone represented Chancerygate on the acquisition while RDL Consulting and Crossland Otter Hunt acted for DX Network Services.