Morley logistics site acquired by real estate investment trust in £6m deal

Pacific Industrial & Logistics REIT plc, the real estate investment trust, has completed the acquisition of a logistics site in Morley, Leeds for £6.05m.

The site, located on Bruntcliffe Way, represents a net initial yield of 8.3%.

This latest transaction follows on from the Park Road, Chesterfield logistics acquisition announced on 20 January 2017.

The Morley site, which has been mortgaged under terms agreed with the company’s debt facility provider, is situated adjacent to J27 of the M62, 5 miles from Leeds city centre.

It comprises a newly refurbished 62,000 sq ft logistics warehouse which has recently been let to Puma United Kingdom Limited and a car park facility with a lease in place to NewDay Cards Limited.

Christopher Turner, property director, commented: “We are delighted with both of our recent acquisitions, these are well-located regional logistics sites that offer the Company asset management opportunities.

“The site at Park Road, Chesterfield has registered strong occupier interest to date and we remain focussed on doing what is right for our investors and ensuring that the investment returns remain attractive.”