Chancerygate has acquired Manchester Airport’s 825,000 sq ft World Freight Terminal multi-let industrial (MLI) estate from Columbia Threadneedle for an undisclosed sum.
Chancerygate has acquired the World Freight Terminal at Manchester Airport
The 54-acre site comprises 64 units across 17 buildings, along with a 6.7-acre development plot with planning consent for 150,000 sq ft of MLI space that Chancerygate intends to bring forward.
World Freight Terminal is 95% occupied, with 39% of floorspace developed within the past five years and a further 13% refurbished within the past 12 months.
Simon Cowley, Chancerygate’s head of investment management, said: “World Freight Terminal provides a diversified and complementary blend of long-income logistics facilities, MLI units and future development opportunities, supported by an airport-linked occupier base.
“It benefits from exceptional tenant demand and aligns perfectly with Chancerygate’s investment strategy over the past 12 months of targeting dominant regional MLI estates.”
Over the past 12 months, Chancerygate has acquired more than 3m sq ft of MLI assets throughout the UK and Ireland, including the North Gate Portfolio in Dublin; Birch Business Park in Manchester; and Questor Industrial Estate in Dartford, Kent.
Chancerygate was advised on the World Freight Terminal deal by property consultancy Tudor Real Estate and law firm Bryan Cave Leighton Paisner (BCLP). Commercial real estate adviser Newmark acted for the vendor.
Agents for World Freight Terminal are B8 and Knight Frank.
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