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Glasgow International Airport hub sold to Warehouse REIT for £11.1m

5th February 2019

Acting on behalf of Airport Industrial Nominees, Ryden and JLL have sold the Air Cargo Centre at Glasgow International Airport to Warehouse REIT for £11.1m, a net initial yield of 6.7% and a reversionary yield in excess of 7%.

The property is on a ground lease from Glasgow Airport, which expires in 2148.

Located adjacent to the Airport and eight miles from Glasgow city centre, the 150,000 sq ft estate is arranged across two detached warehouses purpose-built in 2000, housing eight units let to five separate occupiers, with a WAULT of 6.3 years (4.1 years to frist break).

Ian Dougherty, Investment Partner at Ryden, commented on the deal: “The sale of Air Cargo Centre conforms to Airport Industrial Nominees’ strategy of disposing of their regional assets in order to focus on the ones serving the London airports.

We were please with the outcome, which followed and national marketing campaign and a competitive bidding process.”

Ryden and JLL represented Airport Industrial Nominees in this transaction, whilst Savills acted on behalf of Warehouse REIT.

Ian Dougherty

Ian is Head of the Investment and Finance Group in Glasgow. His day-to-day role incorporates the acquisition, sale and funding of properties in every sector, specialising in the West of Scotland.

Having previously worked for a plc property company for a number of years, Ian’s experience incorporates a broad range including development, asset management and valuation, which he is able to draw upon when advising clients.

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