GALBRAITH has advised Fiera Real Estate (on behalf of Fiera Real Estate Long Income Fund UK (FRELIF)) on the purchase of Pinnacle, 6 Brittain Way, Eurocentral for £12.3 million.
The property comprises a prime 67,751 sq ft high-bay distribution facility within Eurocentral, Scotland’s premier logistics hub situated 11 miles east of Glasgow on the M8 motorway.
The property, which was previously occupied by Eddie Stobart, has recently been let to BrewDog PLC the multinational brewery and pub chain business, on a new 20-year lease with indexed rent reviews at an initial rent of £450,000 per annum. BrewDog’s principle distribution centre, the 129,000 HopHub is immediately opposite the property and the new letting marks a significant expansion to the business’s distribution capability at Eurocentral.
Rupert Sheldon, Head of Core REIM at Fiera Real Estate commented:
“The acquisition of this property aligns well with the investment parameters of FRELIF. The purchase helps extend FRELIF’s overweight position to the favoured industrial segment of the market and enhances all of the fund’s key metrics of long, strong and progressive income. We remain acquisitive across our core mandates, with capital available to deploy into properties that share similar characteristics.”
Jamie Thain, Investment Partner at Galbraith commented: “The market for industrial investment property remains extremely active across the country. This acquisition offered a rare opportunity to purchase a long secure lease over a prime distribution facility in Scotland’s Central Belt”.
Galbraith advised Fiera Real Estate on the acquisition with legal due diligence support and advice provided by Shepherd and Wedderburn. MWM Property Consultants and Turcan Connell acted for the vendor.