A leading independent property consultancy with expertise covering a broad spectrum of property related services

Galbraith Deliver on £20m DPD Logistics Sale for Riverside Capital

In an off market transaction, Galbraith advised property investment manager Riverside Capital on the sale of two prime distribution warehouses for £20.20m to fund manager abrdn. The sale reflected a net initial yield below 4.00%. 

The modern purpose built distribution assets are let to global logistics and delivery operator DPD.  The properties are located in Badentoy, Aberdeen and Swinderby, Lincolnshire and each extend to approximately 43,000 sq ft.  The portfolio provides unexpired leases of 20 and 15 year respectively and has a rent roll of approximately £830,000 p.a. 

Will Sandwell, Investment Partner at Galbraith commented: 

The logistics sector is a main focus for many property funds as rental growth drives performance and pricing in the sector.  DPD are a best in class operator and an attractive tenant.  The lot size and income profile made this offering an attractive opportunity and we were aware of abrdn already holding a number of similar DPD assets across their funds.

Galbraith acted jointly with Levy Real Estate on the sale with Avison Young advising abrdn.