The Titan logistics facility at Eurocentral in North Lanarkshire extends to almost 124,0000 square feet. It has been bought from Windward Titan and the sale price of just over £14.3 million reflects a net initial yield of 5.01 per cent.
Titan is currently let to The Scottish Ministers (NHS) until the end of January 2031.
Simon Cusiter, a director of Lismore, said: “Eurocentral continues to go from strength to strength, resulting in upwards pressure on rents. The strong fundamentals of the location and sector, coupled with the quality of the asset offer scope for strong performance in the short to medium term.”
Lismore said the industrial and distribution market in Scotland remained “remarkably robust”, reflecting occupiers demand for larger “big box” properties, such as Titan. The development pipeline is limited across the Central Belt and further rental growth is anticipated, as supply remains tight.
Nicola Barrett, portfolio manager for Lothian Pension Fund (LPF), added: “It was a pleasure to work with Simon and the Lismore team on this acquisition. We are pleased to have secured the asset for our portfolio and the strong property fundamentals reflect our strategy going forward.”
Lismore Real Estate Advisors advised LPF whilst MWM Consultants acted on behalf of Windward Titan.
Eurocentral provides connectivity via the national motorway network and a rail freight terminal. It is home to occupiers such as Lidl, Amazon, Morrisons, Fedex and Eddie Stobart.