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Leftfield Acquires Gloucester Warehouse in £5.15m deal

A UK logistics and distribution specialist have purchased a 43,629 sq ft warehouse facility in Gloucester for £5.15 million.

Leftfield acquired the facility into its burgeoning logistics portfolio while agreeing on a deal with current tenants and previous owners ProCook.

The established dining & kitchenware supplier ProCook, and agreed to a 20-year sale and leaseback on the warehouse in a deal that reflects a net initial yield of 5.47%.

Commenting on the deal, Nico Fourie, CEO of Leftfield Advisors, said: “Leftfield continues to grow its Logistics portfolio around well-located warehouses with tenants that successfully navigate the O2O (online-to-offline) space.”

The modern logistics warehouse was completed in 2015 and is part of St Modwen’s, Gateway 12 Business Park; major nearby occupiers include Parcelforce, DPD and Amazon.

ProCook has invested heavily in fitting out the property including, a high-quality office fit-out, a fitted gym, photography studio and more.

ProCook Limited was established over 20 years ago and was the first company to sell cookware sets by direct mail in the UK. The supplier is now a multi-channel specialist kitchenware company with 50 stores nationwide.

Cushman & Wakefield’s Capital Markets team acted on behalf of ProCook. Commenting on the outcome, Nick Allan, International Partner in Cushman & Wakefield’s Capital Markets team, added: “We are delighted to have advised ProCook on the disposal, and the outcome reflects the appetite for both well-located logistic assets and exciting growth businesses operating in the e-commerce environment.”

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