German Fund Sells Yorkshire Distribution Unit

LONDON-A private investor has paid £14 million ($23.5 million) for a 400,000-sf distribution unit on Enterprise Park at Sherburn-in-Elmet, North Yorkshire. The vendor was IBI Real Estate, the asset management arm of Germany’s IBAG which has now sold three UK assets over the past year.

The 400,000-sf property is let to logistics group Eddie Stobbart on a 20-year lease dating from 2000. The tenant has a break option after 15 years of the term. Stobbart will continue to use the distribution unit as a key feature of its northern logistical network.

Jonathan Peasgood, of GVA Grimley Leeds office, said: “This is the third disposal undertaken by GVA Grimley on behalf of the German company and concludes a very successful sales programme.”

Last year IBI sold a City fringe office building: St Marks House, Shepherdess Walk, London N1, for £9.05 million ($15 million).