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New owner buys Argos distribution centre in a £33 million deal

By Staffordshire Newsletter  |  Posted: March 18, 2014

New owner buys Argos distribution centre in a £33 million deal

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STAFFORD’S Argos Distribution Centre has been bought by a new owner for £33 million.

Legal & General Property announced today on behalf of its UK Property Unit Trust(PUT) that it had acquired the site in Acton Gate from Dimah Capital.

The 473,222 sq ft centre, next to junction 13 of the M6, is let to Argos until 2026.

Matt Jarvis, fund manager of the PUT at Legal & General Property, said: “We have invested into the distribution sector on a regular basis over the last 15 months and continue to favour its long term performance dynamics.

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“In this latest transaction the property is let to a strong covenant with a successful distribution strategy that links both their online and offline retail activities. The property is well-configured and given the current shortage of high quality warehouse accommodation in the midlands we believe that it also offers long term opportunities for rental growth.”

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