Fiera Real Estate has acquired the Pinnacle warehouse at Eurocentral for £12.3m.
The 67,751 sq ft distribution facility was previously occupied by Eddie Stobart, but has recently been let to BrewDog on a new 20-year lease with indexed rent reviews at an initial rent of £450,000 per annum.
BrewDog’s principle distribution centre, the 129,000 sq ft HopHub, is immediately opposite the property and the new letting marks a significant expansion to the brewery's distribution capability at Eurocentral.
In 2019, BrewDog sold the global distribution headquarters for more than £10m on a 20-year lease to CBRE Global Investors. More than 60 staff work there.
Rupert Sheldon, head of core property investment management at Fiera Real Estate, commented: “This purchase helps extend on Fiera Real Estate Long Income Fund UK's overweight position to the favoured industrial segment of the market and enhances all of the fund’s key metrics of long, strong and progressive income.
“We remain acquisitive across our core mandates, with capital available to deploy into properties that share similar characteristics.”
Jamie Thain, investment partner at Galbraith, which advised Fiera on the deal, commented: “The market for industrial investment property remains extremely active across the country.
“This acquisition offered a rare opportunity to purchase a long secure lease over a prime distribution facility in Scotland’s Central Belt.”
Legal due diligence support was provided by Shepherd and Wedderburn, while MWM Property Consultants and Turcan Connell acted for the vendor.
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