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Equites Property buys UK distribution center for £41M

Equites Property Fund Ltd. made a £41 million purchase of a 19,909-square-meter cross docking distribution center in Coventry, U.K., BusinessLive reported.

The unidentified seller signed a 15-year lease with a Swiss-based global transport and logistics company Oct. 13, which was a prerequisite to the purchase agreement, according to the Oct. 18 report.

The deal increases the company's U.K. distribution centers to four, worth roughly £104 million in total.

The company's focus is on renting out acquired logistics distribution centers in key nodes to tenants, such as Amazon, that require long-dated upward-only leased spaces for storage, the report added.