Praxis sells Amazon Distribution Centre in Swindon for £13.7m
Praxis, the UK value-add investor, has sold its Amazon Distribution Centre in Swindon for £13.7m, a 6.69% net initial yield, to an unnamed institutional investor. Cyril Leonard acted for the purchaser.
The 209,000 sq ft shed on Marston Park was bought by Praxis in early 2015 with nine months’ remaining of a 20 year lease to Early Learning Centre, owned by Mothercare Plc.
Praxis initiated a speculative £2m refurbishment of the unit and a deal with Amazon was agreed during the refurbishment programme. The refurbishment and Amazon fit-out was managed by PREM (Praxis’ UK based Asset Management arm) in eight months.
Steve Faber, Managing Director of PREM, said: "We are delighted with the swift execution of our business plan, concluding with the disposal of this high quality asset."
Finn & Company acted for Praxis on the sale.
Capital & Occupational Markets