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BlackRock Real Assets acquires Sainsbury’s warehouse for £90.5 million

A fund managed by BlackRock Real Assets has acquired a Sainsbury’s distribution warehouse in Bedford from Legal & General for GBP90.5 million.
The 462,746 sq ft unit is let to Sainsbury’s on an unexpired lease term of 15 years with five-yearly RPI-linked uplifts subject to a floor of 2 per cent and cap of 4 per cent pa.
 
Claire Cierpka, Assistant Portfolio Manager at BlackRock Real Assets says: “The transaction is underpinned by strong fundamentals being a well-located, high quality asset in an attractive and resilient sector. The property meets our strategy given the long-dated and explicit inflation linked income it provides, secured against a strong covenant. We remain active in continuing to acquire logistics opportunities.” 
 
BlackRock was advised by DTRE and BCLP. Legal & General was advised by Gerald Eve and Eversheds.

Source: propertyfundsworld.com on 15 February (https://www.propertyfundsworld.com/2021/02/15/295922/blackrock-real-assets-acquires-sainsburys-warehouse-gbp905m)