Claygate Distribution has completed a sale and leaseback of its distribution centre in Marden in Kent.

The development, which comprises two warehouses totalling 149,811 sq ft, has been bought by EQT Exeter for £19.75m, representing a net initial yield of 4.31%.  The entire scheme is let to Claygate Distribution, a supplier and distributor of bathroom products, on a new 20-year lease with index-linked rent reviews, subject to a tenant’s only break clause at year 15. The purpose-built logistics facility sits in an industrial estate near Maidstone.

Cyril Leonard and Orme Property advised Claygate Distribution while the purchaser, EQT Exeter, was unrepresented.

All parties declined to comment.