November 18, 2018
Post-It note manufacturer 3M Products has sold its Bedford hub to Urban Logistics REIT for £17m.
3M will vacate the 20.1 acre site on Hudson Road and Urban Logistics is marketing the scheme, which offers 183,883 sq ft of warehouse space, to a range of multinational operators.
As part of the deal, Urban Logistics has agreed to sell a 12.1 acre plot at the site for £5m to a local developer that plans to build a new industrial logistics facility.
Chief executive Richard Moffitt said the property offered
“Attractive asset management opportunities, together with the potential to add newly developed assets in the future”.
Urban Logistics financed the transaction with the proceeds from the sale of its Leeds warehouse and existing debt facilities with Barclays and Santander.
“This is another example of our approach to creating value whereby the proceeds from successful asset management are reinvested into new opportunities, ensuring the portfolio continues working for shareholders.
“We have had considerable success with investments in Bedford and are confident that this site will prove attractive to a variety of different occupiers. Looking ahead, we remain opportunistically acquisitive, focusing on assets that serve the ‘last mile’ needs of a diverse tenant base.”