BCPT Secures Two Key Industrial Leasing Deals
31/08/2023 07:00
To: RNS Date: 31 August 2023 LEI Number: 213800A2B1H4ULF3K397 From: Balanced Commercial Property Trust Limited Leasing Activity BCPT secures two key industrial leasing deals Balanced Commercial Property Trust PLC (‘BCPT’ or the ‘Company’) announces it has secured two key leasing initiatives in its industrial portfolio, underlining the robust occupational market and demand for high-quality industrial and logistics space: * Unit 8, Hams Hall Distribution Park, Birmingham. Hams Hall Distribution Park Nestle Purina, a leading pet care and food company, has agreed a 10-year lease extension commencing March 2025, with a break at the end of year five. This unit is a key logistics hub within a strategic West Midlands location. The lease shows the tenant’s continued commitment to the building and a rent review in March 2025 is anticipated to show a significant uplift to the current passing rent. The tenant will benefit from a 3.5 month rent free period on commencement of the new lease. * Hurricane 52 on the Estuary Business Park, Liverpool Montirex Ltd, a sportswear clothing brand, has signed a 10-year lease with a break at the end of year five. Hurricane 52 is a newly constructed and highly specified logistics unit of 52,500 sq ft with strong ESG credentials. This letting followed a competitive ‘best bids’ process between three occupiers, and the rent achieved at £8.25psf shows an attractive premium in excess of 7 per cent to the unit’s estimated rental value (ERV). Richard Kirby, Fund Manager of BCPT, said: “These latest lettings underscore the demand for industrial and logistics assets in the UK, and it is encouraging to see such a resilient occupier market. Active asset management and the delivery of initiatives such as these are key to converting rental growth into income and capital performance. The portfolio offers a wealth of value-add potential, and we are seeing robust levels of occupational activity on the portfolio at a critical juncture within the market cycle.” All enquiries to: Richard Kirby BMO REP Asset Management plc Tel: 0207 499 2244 Innes Urquhart Winterflood Securities Limited Tel: 0203 100 0265 Copyright (c) 2023 PR Newswire Association,LLC. All Rights Reserved