South Africa-based industrial real estate investment trust Equites Property Fund Ltd., through its Equites International Ltd. unit, agreed to acquire a 24,340-square-meter distribution center in the U.K. from Barlow Property II LLP for approximately £30.7 million in cash.
Barlow has leased the logistics asset in Glasshoughton to Puma UK Ltd. for 15 years, effective Aug. 1. The subsidiary of German sportswear company PUMA SE has an option to terminate the lease after 10 years.
The REIT said the transaction, slated to close Aug. 16, is part of its growth and investment strategy of diversifying into the U.K. market, targeting premium big-box distribution centers and building a high-quality logistics portfolio.
Java Capital served as corporate adviser and sponsor to Equites.