Royal Mail hub bought by investor

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A large Royal Mail distribution centre in Normanton has been acquired in a deal worth almost £13m.

M&G Real Estate has bought the property on behalf of the M&G Property Portfolio, managed by Fiona Rowley and Justin Upton.

The 220,000 sq ft unit, on a 15.5-acre site, located on Wakefield Europort, is let to Royal Mail until December 2019.

Wakefield Europort is a core distribution location in West Yorkshire and has attracted occupiers such as Asda, Warburtons, DHL, TK Maxx and Wickes.

Justin Upton said: "Acquiring warehouse investments in core distribution locations is becoming increasingly difficult due to strong investor demand for the sector.

"However, with this asset we have continued our strategy to acquire warehouses in core locations, with good property fundamentals, whilst providing suitable returns for our investors.

"The asset benefits from a low site cover of 33 per cent, resulting in the potential to extend the warehouse by some 60,000 sq ft."

M&G Real Estate was represented by Joiner Cummings.