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BNP/Vestas partnership sells UK Amazon shed for £161m

Savills Investment Management has paid £161 million for an Amazon fulfilment centre in the UK’s East Midlands region. BNP Paribas Real Estate Investment Management sold the asset on behalf of South Korea’s Vestas Investment Management.

The c 99,000 sq m building, located at Bardon, Leicestershire, had been acquired in 2016 for £125 million and was the first collaboration between BNP Paribas REIM and Vestas. The partners have since invested in excess of €700m in opportunities in the office and logistic sectors across Continental Europe.

Amazon has invested significantly in the single-storey facility, which has clear eaves heights of 14 metres, including the installation of 7,360 solar panels on the roof.

“Delivering a transaction of this scale for overseas investors, when travel is severely restricted has presented challenges. However, our divestment strategy was able to take advantage of the strong appetite from global capital for the UK market in general and core long income assets in particular,” said BNP Paribas REIM UK investment director Jack McCarron.

Ashurst and Eastdil Secured acted as advisors to the seller.