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M&G buys UK distribution property portfolio for £94M

M&G Real Estate paid £94 million to acquire a portfolio of five U.K. distribution buildings from Mountpark Logistics EU Sarl in an off-market deal, Property Week reported.

The buildings, which span a total area of 666,484 square feet, are in three industrial parks: Mountpark Wakefield, Mountpark Bardon and Mountpark Southampton. They are 100% let and have an unexpired lease term of 15.25 years, according to the report.

Mountpark Logistics, launched in 2014, is in the process of building a speculative development program, totaling roughly 1.5 million square feet, at Mountpark Warrington Omega and Mountpark Southampton Phase II, both in the U.K., and Mountpark Baldonnell in Dublin.