CBRE Investment Management Acquires Milton Keynes Distribution Unit
December 17, 2021
CBRE Investment Management (CBRE IM), on behalf of a fund it sponsors, has acquired a 617,393 sq ft industrial distribution unit let to John Lewis & Partners in Fenny Lock, Milton Keynes, from Tesco Distribution Ltd.
Milton Keynes is one of CBRE IM’s identified prime logistics locations in EMEA, benefitting from easy access to London, Cambridge, Birmingham and Oxford through its central location within England and position in the M1 Corridor. The asset is situated adjacent to the A5 and Bletcham Way, which leads directly to the M1.
Initially developed by Tesco in 1998, the asset is currently being refurbished by John Lewis for their occupation. With an EPC rating of C, CBRE Investment Management will work with John Lewis to improve the ESG credentials of the asset.
Richard Dean, Head of UK Transactions and Real Estate Execution at CBRE Investment Management, said: “This transaction represented a rare opportunity to acquire an asset that is both income-producing and one that also offers future potential for upside through refurbishment and extension. Through our business plan we will also be able to elevate the assets ESG credentials in line with our strategic objectives. Milton Keynes is an attractive market for us, offering strong transport links and a central location that makes it highly appealing to occupiers.”
“We are delighted to be expanding our relationship with John Lewis and look forward to supporting them in their online retail and logistics strategy in the coming years” added Rob Trevor, Logistics Customer Experience Lead EMEA, CBRE Investment Management.
CBRE Investment Management is a leading investor and operator in logistics with €14.8 billion assets under management* in Europe, a rental area of over seven million square meters across 11 countries.
CBRE Investment Management was advised by Chris Freer-Smith and Morgan Williams acted for Tesco.
*As of 31 September 2021
About CBRE Investment Management
CBRE Investment Management is a leading global real assets investment management firm with $133.1 billion in assets under management* as of September 30, 2021, operating in more than 30 offices and 20 countries around the world. Through its investor-operator culture, the firm seeks to deliver sustainable investment solutions across real assets categories, geographies, risk profiles and execution formats so that its clients, people and communities thrive.
CBRE Investment Management is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBRE), the world’s largest commercial real estate services and investment firm (based on 2020 revenue). CBRE has more than 100,000 employees serving clients in more than 100 countries. CBRE Investment Management harnesses CBRE’s data and market insights, investment sourcing and other resources for the benefit of its clients. For more information, please visit www.cbreim.com.
*Assets under management (AUM) refers to the assets under management, fair market value of real assets-related investments with respect to which CBRE Investment Management provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real assets-related loans. This AUM is intended principally to reflect the extent of CBRE Investment Management’s presence in the global real assets market, and its calculation of AUM may differ from the calculations of other asset managers and from its calculation of regulatory assets under management for purposes of certain regulatory filings.